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The magnitude of the fraud committed by the American citizen B. Madoff (“BM”) has caused severe damage to the international investment fund industry. Investors from all over the globe, including investment funds have been affected. The origin of this scandal and fraud of unprecedented magnitude and reach lies in the U.S. For Luxembourg-based funds, the Luxembourg regulator CSSF has evaluated the direct impact at 1.7 billion euros. From the outset, ALFI, as one of Europe’s leading fund industry associations, has closely monitored the consequences and the collateral damage created by the Madoff affair.The role of investment funds (including Luxembourg domiciled structures) that served as intermediaries between BM and end-investors has been analysed, as have other aspects of this matter....
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