Geneva wealth managers pay defrauded investors to settle Madoff case

Five former Geneva wealth managers have paid “substantial compensation” to settle criminal complaints brought by clients whose assets they had invested with U.S. fraudster Bernard Madoff, the Geneva prosecutor’s office said on Friday. The case was launched in 2009 against five directors of Aurelia Finance, a Geneva-based private bank that prosecutors said had lost up to $800 million of clients’ money by investing in Madoff’s “Ponzi” scheme, which used money from new investors to pay existing clients. More on Thanhnien News here.