U.K. Unit

While victims of the fraud were spread across Europe, Tappolet is the only public official who has been willing to file a case. The U.K. Serious Fraud Office in 2010 said there was insufficient evidence to bring charges against Madoff’s U.K. unit, where U.S. prosecutors said he transferred more than $250 million.

Manuel Echevarria, the former head of Santander’s Optimal Investment unit, was charged in 2009 with criminal mismanagement over his handling of client funds. Optimal had about 2.33 billion euros ($2.9 billion) invested with Madoff at its peak.

Saverio Lembo, a lawyer for Echevarria, declined to comment on the case beyond saying that his client “is strongly determined to prove his innocence.”

Six years on, Tappolet will face a challenge in securing a guilty verdict, said Luc Thevenoz, a professor of law and director of the University of Geneva’s Centre for Banking and Financial Law.

“It will be very difficult to convince a court that there was criminal intent and that the defendants were aware of Madoff’s fraud,” he said.

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