Charges To Proceed V. Swiss Financiers Over Madoff

Law360, New York (April 24, 2009, 12:00 AM EDT) -- A Swiss magistrate judge has reportedly ruled that criminal charges can proceed against directors of Aurelia Finance, a Swiss wealth management firm that allegedly lost $800 million of its clients' funds in Bernard L. Madoff's $65 billion Ponzi scheme.

Examining magistrate Marc Tappolet issued an order Friday allowing charges to proceed against five of Aurelia's directors, and the directors' assets were frozen, Reuters reported.

Swiss asset managers, including EFT International, were among the biggest investors in Madoff's alleged scheme, according to Reuters.

Another firm, Geneva-based Notz...
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