French financier under investigation over Madoff
PARIS, Nov 4 (Reuters) - French financier Patrick Littaye has been placed under formal investigation over the multi-billion dollar fraud scheme that was run by jailed American Bernard Madoff, a judicial source briefed on the matter said on Wednesday.
The source said Littaye was under investigation for breaching customers' trust. Being placed under formal investigation in France is the first step before being put on trial. Littaye has denied any wrongdoing.
Littaye founded Access International Advisors along with another Frenchman, Thierry Magon de la Villehuchet.
Access International was a feeder fund to Madoff. Villehuchet committed suicide last year following the discovery of the fraud.
(Reporting by Thierry Leveque; Editing by Marcel Michelson and Erica Billingham)
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
GLOBAL RECOVERY
Global economy in holding pattern - IMF
The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months. Full Article
India
US
UK
