UBS AG was sued and accused of fraud by the trustee overseeing the liquidation of Bernard L. Madoff’s investment firm, who is seeking to recover at least $2 billion for victims of the con man’s Ponzi scheme.
UBS AG was sued and accused of fraud by the trustee overseeing the liquidation of Bernard L. Madoff’s investment firm, who is seeking to recover at least $2 billion for victims of the con man’s Ponzi scheme.
Irving H. Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, said today he aims to recoup redemptions and fees from Zurich-based UBS as well as damages and disgorgement.
“Madoff’s scheme could not have been accomplished 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,” David J. Sheehan, a partner at Baker & Hostetler LLP and counsel for Picard, said in an e-mailed statement.
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The complaint, filed yesterday in U.S. Bankruptcy Court in New York, alleges 23 counts of financial fraud and misconduct against UBS “and related entities and individuals.” The full complaint was filed under seal, followed by a redacted version blanking out information deemed confidential by UBS, Switzerland’s largest bank.
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