BusinessCompany NewsGrant Thornton to liquidate Madoff’s London office

Grant Thornton to liquidate Madoff's London office

Grant Thornton has been called in to liquidate Bernie Madoff's London office

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’

Read
The Daily Telegraph

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