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Shell OAPs are latest victims of disgraced billionaire Madoff

Daily Mail

Last updated at 10:37 PM on 17th December 2008

Pensioners from oil giant Shell have emerged as the latest victims of disgraced financier Bernard Madoff. 

The former chairman of the Nasdaq Stock Exchange stands accused of a £32billion fraud. 

The firm’s Dutch pension fund said it was exposed to the tune of £29million. 

The consequences of Bernard Madoff's securities fraud have been wide-reaching, stretching as far as Shell's pension fund and two sisters living in London

The consequences of Bernard Madoff’s securities fraud have been wide-reaching, stretching as far as Shell’s pension fund and two sisters living in London

Other casualties include French Bank BNP Paribas, which announced yesterday one of its divisions had posted an unexpected 11-month loss. 


The latest in the fast-moving developments saw Madoff placed under house arrest at his Manhattan flat and fitted with an electronic ankle tag. 

Christopher Cox, boss of the Securities and Exchange Commission, has said he is probing whether staff at the regulator ignored numerous complaints against Madoff. 

Allegations have now emerged that a Madoff family member may have been married to a former SEC official. 


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