Santander suspicious of Madoff in 2006

Scott Sinclair
clock

Spanish banking giant Santander was suspicious of Bernard Madoff's activities as far back as 2006, internal documents show.

Santander - which has bought Abbey, Alliance & Leicester and parts of Bradford & Bingley in the UK in recent years - staff were aware that the convicted fraudster's operations were "shrouded in secrecy" and that his trading was not being independently verified. Madoff confessed to his crimes in December 2008. The claims, made in an internal report written by a Swiss-based division of Santander, were laid bare in a court filing as part of a class action against the Spanish bank being brought in Miami, writes the Telegraph. The report was penned by a unit of Santander's Optimal Investme...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA to deliver 'fewer and faster' enforcement outcomes this year

FCA to deliver 'fewer and faster' enforcement outcomes this year

Therese Chambers says the watchdog is prosecuting more people than ever before

Sahar Nazir
clock 23 October 2025 • 2 min read
Autumn Budget 2025: Majority of Brits concerned about rumoured pension tax-free tax changes

Autumn Budget 2025: Majority of Brits concerned about rumoured pension tax-free tax changes

The updates advisers need in the run up to the Autumn Budget 2025 on 26 November

Professional Adviser
clock 23 October 2025 • 1 min read
Reeves' rumoured ISA reforms risk 'harm' and diversification issues

Reeves' rumoured ISA reforms risk 'harm' and diversification issues

Concerns over rumoured £10k cash ISA cap and potential UK equity mandate

Sahar Nazir
clock 22 October 2025 • 5 min read