After the ruling of the Madoff scandal, Aguirre Morris & Severson LLP announced that, on the American Express Bank & nbs

After the ruling of the Madoff scandal, Aguirre Morris & Severson LLP announced that, on the American Express Bank & nbs

 Severson lawyer firm Friday on behalf of the San Diego businesswoman Maria Akriby Valladolid American Express Bank International (American Express Bank International, Inc. in Los Angeles Superior Court, referred to as the the AEBI company) after investment in a subsidiary and put into Bernard Madoff (Bernard Madoff) Group a so-called investment fund lawsuit. The plaintiff in the lawsuit claimed that the bank, the loss of funds and other parties ignored the warning signal of a Ponzi scheme, which led to the plaintiff of 1 million U.S. dollars. San Diego Aguirre, Mo
LOS ANGELES - (BUSINESS WIRE) -

Aguirre Morris & Severson law firm Friday on behalf of American Express Bank International (American Express Bank International, Inc. in Los Angeles Superior Court, referred to as the the AEBI company) after a subsidiary as well as input of Bernard Madoff (Bernard, San Diego businesswoman Maria Akriby Valladolid Madoff) investment group, a so-called investment fund lawsuit. The plaintiff in the lawsuit claimed that the bank, the loss of funds and other parties ignored the warning signal of a Ponzi scheme, which led to the plaintiff of 1 million U.S. dollars.

San Diego Aguirre Morris & Severson Lawyer Mike Aguirre, said, "This is a lawsuit filed against American Express Bank International dereliction of duty to participate in the huge fraud of Bernard Madoff planning. This is not a market risk cases . "

Aguirre Morris & Severson law firm on behalf of the plaintiff, Maria Akriby Valladolid, litigation, civil complaint, the plaintiff in the Madoff-related funds have shares worth nearly $ 1,000,000.

Aguirre went on to say that the Madoff fraud affected a wide range of only AEBI incredible degree of serious dereliction of duty in order to match it; because the company's negligence, fraud can be wantonly continue for many years and out of control. Our customers can not sit back and watch the draining away of her property because of the the AEBI failed on behalf of the customer due diligence in their own commercial interests. "

The lawsuit alleges that early in 2006, American Express Bank recommended Valladolid invest $ one million to Madoff's Sentry fund, but did not reveal Madoff associated with Sentry Fund. Valladolid had initially passed this as a separate defendant the Carlos Capitillo and Luisa Serena in San Diego, American Express Bank opened the account. Standard Chartered Bank, headquartered in London in February 2008, the price of about $ 860 million acquisition of American Express Company's international banking department.

The suit said, Valladolid, According to Capitillo and Serena's recommendation to authorize American Express her $ 1,000,000 in assets into the Sentry funds. The suit also claims that, American Express has served as an intermediary role between the Vallodolid and Fairfield Greenwich Group, therefore, it is reasonable to Capitillo and Serena charges.

Aguirre said the suit is submitted to the state court because "things happen in California, the California court ruling."

Fairfield Greenwich Group is one of the largest investment funds in the Madoff, according to the group's own statistics, the group $ 14.1 billion portfolio, $ 7.5 billion investment fund to Madoff. In March 2009, Madoff pleaded guilty to securities fraud and other charges, June 29, 2009, Madoff was sentenced to a maximum of 150 years in prison.

Madoff "Ponzi scheme"

Judgment has been caused due to the Madoff Ponzi scheme "actual loss of $ 13.2 billion. Moreover, the judge also said that this is a conservative estimate. Madoff in December 2008 revealed to his son, the judge involved in this fraud amounting to $ 50 billion.

U.S. District Court judge Chen Zhuoguang (Denny Chin) sentenced Madoff 150 years in prison, said, "Here, we needed to get the message, Mr. Madoff's crime is extremely poor, he is such an irresponsible system manipulation is not only a bloodless financial crime in the paper, they have also resulted in a staggering loss. "

Before the Madoff scam was brought to light in people's eyes, he is a trustworthy person with alchemy. Although the market has ups and downs, Madoff clients began to get a stable double-digit returns. Madoff's celebrity clients: Steven Spielberg, Kevin Bacon (Kevin Bacon) and the Baseball Hall of Fame pitcher Sandy · Kefa Si (Sandy Koufax).

The AEBI the company's global wealth management business (Global Wealth Management) is one of its two businesses, the business, including private banking and financial advisory services. According to the information they provide their own "private banking for high net worth individual clients, including mortgage lending and investment certificates, including various types of investment management, trust and industrial planning and banking services.

The day after the Madoff Ponzi scheme was exposed, one of the founding partner of Fairfield Greenwich, Group Jeffrey Tucker said after the news of the Fund was informed that the Madoff Ponzi scheme shocked and promised to recover the funds. In a pre-prepared press release said, "and many other private investors to become such a numerous and victims of the scam, however, we do not see any such signs."