No UK prosecutions in Madoff fraud probe

No-one in Britain will be prosecuted over the collapse of companies linked to multibillion-pound fraudster Bernard Madoff.

Investigators examined the finances of Madoff Securities International, the British arm of his operations, after his criminal activities were exposed.

But the Serious Fraud Office (SO) said no further action will be taken against the company or its directors because of insufficient evidence.

Madoff, 71, was jailed for 150 years last June for masterminding a historic fraud which robbed investors of $65bn (€46bn).

The former Nasdaq stock market chairman ran a bogus business duping investors out of huge sums in a pyramid scheme.

The SFO launched an inquiry in January last year and said it would focus on investors who lost huge sums in the collapse.

At one point, several banks, including the Royal Bank of Scotland and Santander which owns Abbey, were caught up in the scam.

Investigators around the world continue to examine the collapse of Madoff’s company and those of smaller linked funds.

His family, including his wife, and brokers who recruited investors have come under intense scrutiny by the FBI and financial regulators.

The disgraced financier has been stripped of all his assets, including property, investments, valuables and cash in a bid to compensate some of his victims.