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Credit Suisse Clients Lost 1 Billion Francs in Madoff Scam: Media Report - ASHARQ AL-AWSAT English Archive
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GENEVA (AFP) – Clients of Switzerland’s second biggest bank Credit Suisse have lost up to a billion Swiss francs in the alleged pyramid scheme of Wall Street titan Bernard Madoff, according to a Sunday media report.

Citing the bank’s “internal estimates,” Swiss Sunday newspaper Sonntag said customers had lost “between 900 and 1,000 million francs (840-934 million dollars, 598-665 million euros).”

Credit Suisse spokesman Jan Vonder Muehll was reported confirming that clients had lost money, but he did not specify the amount.

Muehll also stressed: “Credit Suisse did not actively recommend or sell Bernard Madoff investment products.”

None of funds launched by Credit Suisse contained Madoff funds, he added.

Credit Suisse in mid-December said it did not have “material” exposure to the Madoff scam.

The country’s largest bank UBS also said then that the exposure of its investment bank unit to the scam was “limited and insignificant.”

Last Sunday, however, Swiss newspaper NZZ am Sonntag reported that a Luxembourg-based fund run by UBS had invested 1.4 billion francs in Madoff funds.

Madoff, a 70-year-old Wall Street veteran, is alleged by US prosecutors to have confessed to having defrauded investors of 50 billion dollars in a giant pyramid scheme that collapsed in the global financial crisis.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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