Santander suspicious of Madoff in 2006

Scott Sinclair
clock

Spanish banking giant Santander was suspicious of Bernard Madoff's activities as far back as 2006, internal documents show.

Santander - which has bought Abbey, Alliance & Leicester and parts of Bradford & Bingley in the UK in recent years - staff were aware that the convicted fraudster's operations were "shrouded in secrecy" and that his trading was not being independently verified. Madoff confessed to his crimes in December 2008. The claims, made in an internal report written by a Swiss-based division of Santander, were laid bare in a court filing as part of a class action against the Spanish bank being brought in Miami, writes the Telegraph. The report was penned by a unit of Santander's Optimal Investme...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Low number of FTSE 100 female CEOs 'just not good enough' - Andrea Montague

Low number of FTSE 100 female CEOs 'just not good enough' - Andrea Montague

Senior leadership in financial services is attainable for women

Jenna Brown
clock 23 April 2025 • 3 min read
IFAs must show empathy not judgement during tough client life events

IFAs must show empathy not judgement during tough client life events

Financial implications of life events and what women need to consider

Jenna Brown
clock 23 April 2025 • 4 min read
HL co-founder Peter Hargreaves to rejoin board after £5.4bn takeover

HL co-founder Peter Hargreaves to rejoin board after £5.4bn takeover

Co-founded platform in 1981

Linus Uhlig
clock 22 April 2025 • 1 min read