Citigroup in Madoff row

first_img Tags: NULL Show Comments ▼ KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Share CITIGROUP tried to pass on its exposure to Bernard Madoff to other banks just months before his epic fraud was revealed, the Madoff trustee said in a lawsuit accusing a second major US bank of unsavoury dealings with the financier.Trustee Irving Picard said red flags about Bernard L. Madoff Investment Securities were apparent to Citi as early as 2005, according to court papers. The lawsuit seeks $425m (£263m) from the bank.Citi said in a statement yesterday that the allegations in the lawsuit were false and it would “vigorously defend against these claims”.Madoff, now serving a 150-year sentence, was arrested in December 2008 after admitting he ran a decades-long, multibillion-dollar swindle.Picard also has sued JPMorgan Chase & Co, Madoff’s primary banker, for $6.4bn, alleging the bank turned a blind eye to Madoff’s scheme.Portions of both lawsuits were edited to conceal names. The lawsuit against Citi was filed on 8 December in US Bankruptcy Court in New York.It cited a September 2008 email by a Citigroup Global Markets trader to another bank saying: “We’re needing to terminate our Madoff trade. Do you have appetite for that risk over there?” Citigroup in Madoff row Tuesday 22 February 2011 9:21 pm whatsapp whatsapplast_img