Bernard Madoff used the London arm of his corrupt investment business as his personal “piggy bank”, British fraud investigators claimed yesterday.
Madoff Securities International, based in Mayfair, Central London, was “a cog in the global washing machine”, through which the jailed fraudster had laundered billions of pounds, they said.
Last year £1 billion passed from Madoff’s business in New York through one of his London firm’s accounts and then back across the Atlantic. Other London accounts were used to pay for the construction of a £5 million yacht, the Bull, which is at anchor near Antibes in the South of France.
His brother Peter Madoff, a director of the London firm, acquired an Aston Martin DB6 and, shortly before the business collapsed, $2 million was transferred to an account in the name of his wife, Ruth. The purchases were accounted for as loans and directors’ remuneration.