Argentines Out Millions Thanks to Madoff

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Bernard Madoff, the now notorious Wall Street swindler, has cost Argentine investors an estimated $700 million. Local law firm Estudio Borda Abogados calculated the losses in a joint study with Spanish and US firms. Argentines invested in the Madoff fund through local branches of Spain’s Banco Santander and are seeking protection from this middleman. The worldwide evaluation of Madoff’s Ponzi scheme loss is near $50 billion.

Via: Reuters

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