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Wednesday, 4 February 2009

Up to 3 million Madoff victims

MADRID - According to a Spanish law firm that has filed a US lawsuit there are up to three million 'direct and indirect' victims worldwide of the alleged fraud by US broker Bernard Madoff.

The law firm is representing some of the victims of Madoff's alleged fraud.

"Our calculations are that at least three million people were affected by the Madoff affair, three million people who could be directly or indirectly affected by the case," said Javier Cremades, the president of law firm Cremades & Calvo-Sotelo at a news conference.

The estimate is based on information collected from 30 law firms from around the world that are representing the victims of the alleged US$50 billion pyramid scheme, he said.

- AFP

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