Friday, December 03, 2010

What did SOCA do?

From ABCNews, via FT Alphaville, noting a Suspicious Activity Report’ filed by JPMorgan to the UK’s Serious Organised Crime Agency in October 2008, about Bernie Madoff, two months before he was arrested. It concerns a Geneva-based fund manger, Aurelia Finance, a member of the Swiss Association of Fund Managers, which is designated by the Swiss authorities as a Self-Regulatory Organisation (how "offshore" is that?).
"Transcriptions of the conversation between bank traders who deal with the funds and Aurelia contain references by Aurelia to Columbian Interests who will not be happy with JPMCB’s actions, statements that the value of the funds in question must not fail, and thinly veiled threats to the security of bank staff involved e.g. we know who you are and where you live/work."
We don't have time to explore this in detail, but we'll stick with the FT conclusion: Oh my. Oh my. Oh my.

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