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"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Thursday, November 10, 2011

HSBC Holdings Plc accused of aiding Madoff's fraud Dec. 6 2010

"Dec. 6, 2010

HSBC Holdings Plc, Europe’s biggest lender, was sued for $9 billion over claims it aided Bernard Madoff’s fraud through a network of feeder funds in Europe, the Caribbean and Central America.  Irving H. Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, sued HSBC and a dozen feeder funds in U.S. Bankruptcy Court in Manhattan, Picard said in a statement....The suit alleges the bank was aware of concerns that Madoff’s investment business was fraudulent and didn’t take steps to protect investors, according to the statement. .... HSBC said in a statement that Picard’s allegations are “unfounded” and that it will defend itself against them in court."  http://www.bloomberg.com/news/2010-12-06/hsbc-holdings-sued-by-madoff-trustee-for-9-billion-for-alleged-misconduct.html


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