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Unformatted text preview: court papers accuse directors of the London office of breaching their duties by signing off on false documents and misrepresenting the true nature of transactions in the records of the business, thus assisting Madoff in his overall scheme. Sheehan, Picard’s legal councel said that all the banks were experienced sophisticated enough to understand what was happening. The all, also, had the knowledge to see through the fraud. "NY Trustee Seeks $1B from 7 International Banks." Business News & Financial News . WSJ.com, 9 Dec. 2010. Web. 09 Dec. 2010. <http://online.wsj.com/article/AP881f2033 172946aab804327cbcd292f4.html?KEYWORDS=accounting fraud>....
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