Legal
Madoff Whistleblower Says Many European Feeder Funds Staying Silent

Harry Markopolos, who tried for nearly ten years to expose Bernard Madoff, has told a Securities and Exchange Commission hearing in Washington DC that he knows of twelve European “feeder” funds that have yet to go public, according to media reports
Mr Markopolos said he had identified 14 feeder funds, only two of which have been made public so far. “There are twelve more out there hiding low in the weeds in Europe that you have not heard about yet,” he said, adding that he and his team planned to turn over a list of European feeder funds “so that the French and Swiss authorities can inspect these organisations.”
The FT reports that it has identified five onshore European feeder funds, based in Luxembourg and Dublin and another twelve in Caribbean tax havens advised from London, Switzerland or Austria.
Companies known to have been hit include Union Bancaire Privee of Switzerland.