Bernard Madoff: RBS and Man latest to reveal exposure to $50bn alleged fraud
Royal Bank of Scotland, the high street bank, and Man Group, the UK listed hedge fund, have become the latest to reveal exposure to Bernard Madoff's alleged $50bn fraud.
By Jamie Dunkley-Telegraph.co.uk
RBS said in a stock exchange announcement that should the value of Madoff's funds fall to zero, its potential loss will amount to about £400m.
It follows the revelation last week that the former chairman of the Nasdaq stock market had been arrested and charged with the alleged fraud. It could become the biggest-ever case of its kind. Mr Madoff ran a hedge fund which allegedly racked up $50bn (£33.5bn) of fraudulent losses.
Among the other's institutions affected is Spain's largest bank, Santander, which owns UK banks Abbey, Alliance & Leicester and Bradford & Bingley. The bank said one of its funds had $3.1bn invested in the firm run by Bernard Madoff.
Fix Asset Management - $400m (£266m), according to a company statement.
Societe Generale - less than €10m, according to a company statement.