Good news for Walter Noel

Britain drops investigation into UK’s Madoff branch.

LONDON—Britain’s Serious Fraud Office said Tuesday it won’t take action against the directors of Madoff Securities International Ltd., the U.K. arm of Bernard Madoff’s investment and trading business.

“Following a thorough review of all the available evidence it has decided to take no action against either the company or its directors there being insufficient evidence to provide a realistic prospect of conviction,” the SFO said.

However, investigators have found it difficult to prove that workers at Mr. Madoff’s London office, which employed about 25, were knowingly involved. U.K. employees have said they were unaware of the fraud, people familiar with the matter told Dow Jones Newswires.

Investigators have had similar challenges building a case against fund firms that funneled client money to Mr. Madoff’s Ponzi scheme because they need to establish whether there were funds moved by these firms after the fraud came to light in mid-December 2008, meaning people at the funds would have been in full knowledge of allegations regarding criminal acts, these people added.

4 Comments

Filed under Uncategorized

4 responses to “Good news for Walter Noel

  1. Fake Walt

    In order to read the full article, one must subscribe to the online journal. The fee is $1.99 per week. I thought about it for a second and came to the conclusion that the money is better spent buying hay for the phillys.

    I have been working behind the scenes of the Superbowl. The Phillys are in top breeding form and ready to mix it up with the Colts. I will keep you posted.

    Off to Miami

    Kind Regards,

    Fake Walt

  2. xyzzy

    when I have to find this kind of information on other blogs I begin to worry you might be busy doing real estate work.

    http://www.guardian.co.uk/environment/2010/feb/01/dispute-weather-fraud

  3. NoGo

    The new nickname for the Noel’s, they no go to any parties these days. Adopt it.

  4. Fake Walt

    NoGo….That is because we are not invited