Guernsey-based Bramdean Alternatives is facing proposed legal action over Bernard Madoff's $50bn pyramid investment scandal, The Times reports.
Madoff was arrested in December after allegedly confessing to running a 'Ponzi', or pyramid scheme. Prosecutors say he was paying returns to existing investors using funds provided by new investors. He faces 20 years in prison if convicted. Bramdean, which is run by hedge fund veteran Nicola Horlick, as well as HSBC, UBS and Barclays, could be sued by law firm Edwin Coe on behalf of ten wealthy UK investors who have sustained a combined loss of £87m. The law firm will investigate suing bankers, fund managers and other intermediaries for the full value of the money lost in the Madoff col...
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