20 Aug '11, 1am

Madoff firm's liquidation trustee sues S'pore firm - Straits Times Singapore #TEAMFOLLOWBACK

Local asset management firm Lion Global Investors is being sued by the trustee overseeing the liquidation of Bernard L Madoff Investment Securities. The US$65 billion (S$79 billion) fraud perpetrated by Bernard Madoff is the largest investor fraud case in United States history, claiming seasoned banks and funds among its victims. Madoff is serving a jail term set at 150 years. The trustee is Mr Irving Picard, a partner in US law firm Baker Hostetler. In court action filed with the US Bankruptcy Court, Southern District of New York (Manhattan), Mr Picard is accusing Lion Global Investors and six other companies of collaborating in Madoff's multibillion-dollar Ponzi scheme.

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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