Switzerland Investigates Santander
Friday, June 19, 2009 : PermalinkWealth Bulletin – Geneva’s public prosecutor said he has launched a criminal investigation into allegations that Banco Santander SA’s hedge-fund unit misled investors when it funneled their money into Bernard L. Madoff’s Ponzi scheme.
The formal investigation was opened following a complaint by Geneva Partners, an independent investment fund that bought financial products from Santander’s Geneva-based hedge-fund unit, Optimal Investment Services SA.
Dario Zanni, Geneva’s public prosecutor, said the inquiry would look at whether Optimal’s former chief executive, Manuel Echeverria, did the fact-finding claimed in the firm’s documents. "We have some suspicion about his [work]," Mr. Zanni said. "We are not sure he was doing his job compliant with his duties."
Tags: banco santander, chief-executive, compliant, criminal investigation, dario, echeverria, formal investigation, geneva, hedge fund, independent investment, investigation-into-allegations, investment services, investment-fund, investors, madoff, optimal investment, ponzi scheme, public prosecutor, suspicion, zanni
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