The investigation is examining the role of offshore funds in fraudulent Medoffa
January 1, 2009 – 12:09 amAmerican Prosecutor’s Office, investigating the details of financial fraud Bernard Medoffa amounting to $50 billion, has begun to study the role played in these transactions with offshore funds, reports New York Times.
According to the publication of Representatives prosecutors particularly interested in the question, whether Medoff and some of its investors offshore funds to hide income from U.S. taxes, the newspaper reported. Cledstvie also exploring the possibility that funds Medoffa spent on charity, allows donors to circumvent the law to transfer money to offshore funds and foreign banks.
Audits found that at least 10 offshore structures have been linked to Medoffa firm. These include, among other things, funds related to the Fairfield Greenwich Group, which lost money investors of $7.4 billion, and Tremont Group Holdings, which lost $3.3 billion of investment funds, and some Swiss banks .
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