BNY Mellon subsidiary charged with Madoff-linked fraud

The charge, brought by the New York attorney general's office, alleges Ivy Asset Management and two former senior officers failed to inform clients of suspicions they had about Madoff for fear of losing fee income, reports the Financial Times.  Although Ivy decided client money should not be invested with Madoff, it failed to disclose its concerns over the fraudster to clients who had already invested money with him. The subsidiary raked in $40m in fees from clients between 1998 and 2008. According to the complaint, Ivy clients lost lost $227m as a result of the Madoff link. Madoff...