Economy & Politics

First Luxembourg indictments in the Madoff case

The Luxembourg public prosecutor’s office has confirmed having issued the first indictments as part of its investigation into the international scam. The losses related to this fraud are estimated at 1.5 billion euros in the Grand Duchy alone.

The Luxembourg public prosecutor’s office has confirmed having issued the first indictments as part of its investigation into the international scam. The losses related to this fraud are estimated at 1.5 billion euros in the Grand Duchy alone.

(pj with Yannick Hansen and Julie Edde) The prosecution confirmed, with our colleagues from Luxtimes, that the Luxembourg prosecutors had just served the first indictments linked to the Bernard Madoff fraud. A major step after a criminal investigation that has been brewing for more than ten years. The prosecutor’s office declined to say against whom these acts were issued.



The fallen financier Bernard Madoff, who is serving a 150-year prison sentence for fraud, enters the museum: a small permanent exhibition of personal objects is now devoted to him at the Washington Crime Museum, between mafiosi and serial killers.


As a reminder, the American financier Bernard Madoff had managed a Ponzi scheme of 58 billion euros – the largest in the world – until the system exploded following the financial crisis of 2008. The scammer was done. his days in cell, dying at the age of 82 after twelve years of imprisonment, a sentence that sentenced him to 150 years of imprisonment.

In the case of Luxembourg alone, the frauds related to the “Madoff affair” are estimated at 1.5 billion euros. And it was in March 2011 that the first investigations in the Grand Duchy. But no charges were laid until last week, when an examining magistrate questioned several suspects, a spokesperson for the prosecution said.

But this is only the criminal treatment of the case. Justice does not exclude having to act in matters of civil, commercial or administrative law.

The rejected CSSF

In 2019, lawyer Pierre Delandmeter brought a case related to the Madoff fraud to national courts. This concerned Luxalpha, a company allegedly involved in the Ponzi scheme. The lawyer then sought to gain access to documents after the financial policeman of the Place, the CSSF, had sanctioned him. To defend himself, Delandmeter had asked the CSSF to send him the documents that it had gathered during its investigation into Luxalpha and its custodian bank UBS. Refusal by the Financial Services Supervisory Commission, which had invoked its obligation of professional secrecy as a financial regulator.

The case was then traced back to the European Court of Justice. This ruling in favor of the complainant and indicating that the CSSF could be required to submit documents, in order to preserve the right to a fair trial in certain circumstances.


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