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23 Dec 2008
Grant Thornton has been appointed to liquidator of Madoff Securities International, the London business of Bernard Madofff - at present under house arrest accused of $50bn fraud. Its 28 staff have been made redundant.
Traders at Madoff Securities International were reportedly not able to carry on the business because all capital belonged to Madoff and his family, The Daily Telegraph reports.
Grant Thornton will conduct a 'forensic investigation' of the business, working in cooperation with Madoff's US receiver and financial regulators on both sides of the Atlantic.
The UK fund. which was run as a proprietary hedge fund for the family, had £113m of assets in 2007, mainly in cash, and was 88% owned by Madoff. Other family members owned the rest.
Further reading:
Bernard Madoff admits his now insolvent firm is 'just one big lie'
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