Aurelia Finance: Difference between revisions
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| key_people = Directors Vladimir Stepczynski, Pascal Cattaneo, Olivier Ador, Laurent Mathysen-Gerst |
| key_people = Directors Vladimir Stepczynski, Pascal Cattaneo, Olivier Ador, Laurent Mathysen-Gerst, and Jean-Marc Wenger |
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==Post-Madoff== |
==Post-Madoff== |
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In April 2009, all five directors of Aurelia's board (Vladimir Stepczynski, Pascal Cattaneo, Olivier Ador, Laurent Mathysen-Gerst) were charged by a Geneva magistrate with criminal mismanagement of client assets, and with enriching themselves on [[management fee]]s, finder fees, and [[commission (remuneration)|commission]]s paid for fictitious returns that were never verified.<ref name="reuters1"/> |
In April 2009, all five directors of Aurelia's board (Vladimir Stepczynski, Pascal Cattaneo, Olivier Ador, Laurent Mathysen-Gerst, and Jean-Marc Wenger) were charged by a Geneva magistrate with criminal mismanagement of client assets, and with enriching themselves on [[management fee]]s, finder fees, and [[commission (remuneration)|commission]]s paid for fictitious returns that were never verified.<ref name="reuters1"/> |
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<ref>{{cite book|url=https://books.google.com/books?id=w95aAAAAYAAJ&q=%22Aurelia+Finance%22&dq=%22Aurelia+Finance%22&hl=en&sa=X&ei=R30lUcHiIY3W0gGy9oCgCA&ved=0CDcQ6AEwAQ |author= |title=Bloomberg Markets |publisher= |date= |accessdate=21 February 2013}}</ref> They all then resigned from the board.<ref name="reuters1"/><ref>{{cite news|last=Giles |first=Warren |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQFSA42CpZIA |title=Rothschild Difference With Madoff Becomes Geneva’s Obsession |publisher=Bloomberg |date=7 May 2009 |accessdate=21 February 2013}}</ref> Cattaneo and Stepczynski retained executive roles at the bank, however.<ref name="reuters1"/> The company had one sole director as of 4 June 2009, Gerhard Auer.<ref name="reuters1"/> |
<ref>{{cite book|url=https://books.google.com/books?id=w95aAAAAYAAJ&q=%22Aurelia+Finance%22&dq=%22Aurelia+Finance%22&hl=en&sa=X&ei=R30lUcHiIY3W0gGy9oCgCA&ved=0CDcQ6AEwAQ |author= |title=Bloomberg Markets |publisher= |date= |accessdate=21 February 2013}}</ref> They all then resigned from the board.<ref name="reuters1"/><ref>{{cite news|last=Giles |first=Warren |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQFSA42CpZIA |title=Rothschild Difference With Madoff Becomes Geneva’s Obsession |publisher=Bloomberg |date=7 May 2009 |accessdate=21 February 2013}}</ref> Cattaneo and Stepczynski retained executive roles at the bank, however.<ref name="reuters1"/> The company had one sole director as of 4 June 2009, Gerhard Auer.<ref name="reuters1"/> |
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Revision as of 07:00, 12 March 2019
| Company type | private bank and fund-management company |
|---|---|
| Headquarters | , Switzerland |
Key people | Directors Vladimir Stepczynski, Pascal Cattaneo, Olivier Ador, Laurent Mathysen-Gerst, and Jean-Marc Wenger |
| Services | feeder fund to Bernie Madoff |
Aurelia Finance SA is a Geneva, Switzerland, private bank and fund-management company that was a feeder fund to Bernie Madoff.[1][2]
Aurelia managed 1.7 billion Swiss francs of clients’ money, and advised clients to invest in the Hermes World Fund, a Madoff feeder fund which was listed in Dublin in January 2004, as part of a “conservative” portfolio.[1][3]
Madoff
It placed assets of its 800 million Swiss francs ($758 million) Hermes World Fund in investments with Bernard Madoff.[1][4]
Irving Picard, the trustee charged with recovering money for Madoff fraud victims, alleged that in September 2008 when a JPMorgan Structured Investments Distribution Marketing division employee disclosed JPMorgan plans to redeem its money, he was threatened by employees of Aurelia Finance.[5][6] Picard asserted in a complaint: "The Aurelia Finance representatives repeatedly opposed [JP Morgan's] plan. At two points in the conversation, the Aurelia Finance representatives made threats ... referring to 'Colombian friends' who could 'cause havoc' and telling [the JPMorgan employee] 'we know where to find you’.”[5] JPMorgan reported the threats to the UK’s Serious Organised Crime Agency in October 2008 by filing a Suspicious Activity Report, concerned that “Colombian drug money” was involved in the Madoff firm.[5][7][8]
Aurelia lost an estimated $800 million of clients' money by investing in Bernard Madoff's $65 billion Ponzi scheme, uncovered in December 2008.[2][9]
Post-Madoff
In April 2009, all five directors of Aurelia's board (Vladimir Stepczynski, Pascal Cattaneo, Olivier Ador, Laurent Mathysen-Gerst, and Jean-Marc Wenger) were charged by a Geneva magistrate with criminal mismanagement of client assets, and with enriching themselves on management fees, finder fees, and commissions paid for fictitious returns that were never verified.[2] [10] They all then resigned from the board.[2][11] Cattaneo and Stepczynski retained executive roles at the bank, however.[2] The company had one sole director as of 4 June 2009, Gerhard Auer.[2]
In November 2009, prosecutors leveled money laundering charges at Stepczynski after the bank he tried to use to transfer millions of francs out of Switzerland informed the authorities.[2] A Geneva examining magistrate then froze the assets of all five former Aurelia directors.[2]
On September 4, 2015 the criminal complaints against the five directors were settled in Geneva.[12]
See also
References
- ^ a b c Mulier, Thomas (30 December 2008). "Aurelia Finance Invested Client Money in Madoff, Le Temps Says". Bloomberg. Retrieved 21 February 2013.
- ^ a b c d e f g h de Sa'Pinto, Martin (12 November 2009). "Aurelia man charged with money laundering-sources". Reuters. Retrieved 21 February 2013.
- ^ de Sa'Pinto, Martin (23 April 2009). "Swiss Madoff investors await Aurelia ruling". Reuters. Retrieved 21 February 2013.
- ^ de Sa'Pinto, Martin (12 March 2009). "UBP to partially reimburse Madoff victims". Reuters. Retrieved 21 February 2013.
- ^ a b c Murphy, Megan (3 February 2011). "JPMorgan under fire over Madoff role". FT. Retrieved 21 February 2013.
- ^ Courtney Comstock (15 April 2011). "JPMorgan Did A Cost-Benefit to See If It Was Worth Keeping a Ponzi Scheme As a Client". Cnbc. Archived from the original on 7 April 2013. Retrieved 21 February 2013.
{{cite news}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^ Schecter, Anna (2 December 2010). "JP Morgan Suspected Madoff Months Prior to Arrest". ABC News. Retrieved 21 February 2013.
- ^ "Madoff trustee: JP Morgan execs were warned". usatoday.com. 4 February 2011. Retrieved 21 February 2013.
- ^ "Swiss judge allows charges in Madoff losses case". Reuters. 24 April 2009. Retrieved 21 February 2013.
- ^ Bloomberg Markets. Retrieved 21 February 2013.
- ^ Giles, Warren (7 May 2009). "Rothschild Difference With Madoff Becomes Geneva's Obsession". Bloomberg. Retrieved 21 February 2013.
- ^ "Geneva wealth managers pay defrauded investors to settle Madoff case". Reuters. 4 September 2015. Retrieved 22 December 2016.