Westport, PSCC Fed $16M To Madoff Ponzi: Conn. AG

Law360, New York (April 20, 2010, 2:03 PM EDT) -- Connecticut Attorney General Richard Blumenthal has accused Westport National Bank and financial services firm PSCC Inc. of multiple violations of state banking laws, seeking to recover for investors $16.2 million the defendants allegedly shepherded into Bernie Madoff's $60 billion Ponzi scheme.

In a suit filed Monday in the Hartford County Superior Court, Blumenthal and state Department of Banking Commissioner Howard F. Pitkin accused the bank, PSCC and its principal Robert Silverman of ignoring repeated and obvious indications of fraud, failing to verify Madoff's claimed investments, miscalculating...
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