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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs