By continuing your visit to this site, you accept the use of cookies. These ensure the smooth running of our services. Learn more.


Madoff: CSSF in question

Les Echos yesterday reported that Patrick Littaye, co Access International Advisors, has summoned before courts CSSF and every UBS entities involved with Luxalpha (UBS Luxembourg, UBS Third Party Management, UBS Fund Services, UBS AG).

In his opinion CSSF could not ignore the links between UBS and Madoff.

I am sad for Luxembourg: they were not courageous enough at the begining to admit that they the local functioning opened the drift with Madoff as I demonstrated.

I stated the solution early this year: The only way for investors that are victims of a lax legal and regulatory framework to be respected would be a payment by the Luxembourg State that would go later before the court for the refund in the legal and regulatory framework it enforced.

Should they have compensated the clients, the issue would be over. The reality is that for clients recovering their money lost will be a "long shot" with expenses to pay for the lawyers that anyway will not be included in the surplus of the winding-up.

Know more

07:27 Posted in Luxembourg | Permalink | Comments (0)

The comments are closed.