16 - court papers accuse directors of the London office of...

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Professor Reaves Dana Margulies Introduction to Business December 2, 2010 Financial Accounting Frauds People believe that many banking institutions helped financier Bernard Madoff's Ponzi scheme by "creating and offering derivative investment products linked to various Madoff feeder funds," a court-appointed trustee alleged Wednesday. Irving Picard, a trustee, announced a lawsuit that seeks to recover more than $1 billion from Citibank, Natixs, Fortis, etc. The suit believes that the banks received transfers of money from Madoff’s business. Picard believes that these banks helped the Madoff Ponzi scheme. The director of public affairs for Citi Institutional Clients Group said the company will defend itself against the claims. Statement said the London
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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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