UBS Sued For $2 Billion For Part In Madoff Ponzi Scheme
In an action by the trustee for Bernard Madoff attempting to recover money for cheated investors, UBS is sued for $2 billion for its part in the Madoff Ponzi scheme. According to an Associated Press article, the lawsuit alleges some 23 counts of fraud and misconduct against UBS, who served as the sponsor, custodian and administrator of the funds involved in the historic fraud. The attorney for the trustee, David Sheehan, said that Madoff’s scheme could not have succeeded “unless UBS had agreed not only to look the other way, but also to pretend that they were truly ensuring the existence of assets and trades when in fact they were not and never did.”
Madoff is serving 150 years in federal prison for the massive fraud.