Three Latin American investors who claim they lost millions of dollars to convicted Ponzi schemer Bernard Madoff are suing BNP Paribas. The French bank is accused of failing to protect clients' investments by advising them to stay with the Fairfield Sentry hedge fund that turned out to be a feeder for Madoff's $65 billion Ponzi scheme. The lawsuit filed Oct. 26 in Miami-Dade Circuit Court claims the three lost a combined $2.65 million as indirect Madoff investors in the doomed fund.
November 04, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Three Latin American investors who claim they lost millions of dollars to convicted Ponzi schemer Bernard Madoff are suing a French bank, accusing its employees of being ill-informed and providing them with poor financial advice.
BNP Paribas is accused of failing to protect clients’ investments by advising them to stay with a hedge fund that turned out to be a feeder fund for Madoff’s $65 billion Ponzi scheme, the world’s largest uncovered to date.
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