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.