Madoff: mess around a reimbursement .

Keywords: swindle, investors, Banks, U.S., EUROPE, Bernard Madoff.

According to a French law firm defending the interests of victims of Bernard Madoff, the figure of 15.5 billion dollars of reimbursements made by a firm of Spanish would be "bizarre".

End the suffering of victims of Bernard Madoff or "stunt" a Spanish law firm? According to Javier Cremades Gaytri Kachroo and managing the Spanish firm Cremades & Calvo-Sotelo, 720 000 investors, representing 80% of European customers victims of the fraudster U.S. have reached an agreement with their bankers to be indemnified. Total payments: $ 15.5 billion.
"The amount is totally wacky. It is equivalent to the total amount invested in Madoff. This would mean that almost all the investors would recover their initial bet. I have no idea how they arrived at that figure. We have made contact with them: Their explanations are smokers, "says a lawyer for the office of the World Alliance of lawyers, headed by Javier Cremades and formed by 60 firms.
The lawyer made his calculations by the point with the law firm members of the Alliance. "The estimate is rather close to 10% of European customers as 80%," says this lawyer.

"No member of the Alliance would be prepared to provide this amount":
Two French firms have already announced that they had not been consulted by Javier Cremades: Gide Loyrette Nouel and Orrick Rambaud Martel. The Spanish lawyer said that HSBC Holdings was among the institutions that have compromised with their customers. HSBC Holdings says not to be aware of this regulation. "Until proven otherwise, banks are not willing to compromise," says the lawyer asked.
According to the lawyer, not only this amount is incorrect but it has not been determined in consultation with all the offices of the Alliance. "We have absolutely not been concerted. Neither the amount nor for that relating to the fees paid to the Alliance firms. Moreover, no firm would be communicated to Cremades these amounts for reasons of confidentiality owed to our customers, "added the lawyer who prefers to remain anonymous. He told the figaro.fr does not intend to press charges against the Spanish cabinet. In a statement issued following a press conference in New York, Javier Cremades said that 65 million in fees were paid by the victims of Madoff firms Alliance.

This is the third reimbursement:
If this amount was real, it would be in addition to $ 1.5 billion already covered by Irving Picard, the administrator in charge of liquidating the company Madoff United States, and 5.45 billion dollars that it could cover as a result of more than 2,000 other valid applications.
Bernard Madoff, U.S. investor aged 72, was sentenced in June 2009 to 150 years in prison for defrauding three million customers by paying them with money deposited by new customers. This is what is called a "Ponzi scheme", named after a famous Italian-American swindler of the 1920s.
The total losses were reported as 50 and 65 billion, equal to the earnings would have incurred if the money lent were real interests. The financier has admitted he never invested a penny of money that it had in its portfolio.