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Madoff Fund Report: Enormous Fees Without Any Value Added

Published: September 22, 2010; 15:16 · (Vindobona)

After 9.5 years, 50,000 euro would have been eaten up by the "Primeo Select Fund" because of the high fees, is the opinion of an investors’ lawyer about the monies invested by Bank Austria with Bernie Madoff.

Madoff Fund Report: Enormous Fees Without Any Value Added / Picture: © Reuters

Bank Austria is facing several lawsuits due to the "Primeo" fund it established; its monies flowed mainly to the U.S. billion fraudster Bernard Madoff. Now, an investors’ lawyer  has commissioned a report, according to which the high costs would have eaten up gradually the invested capital, reports the "Wirtschaftsblatt".

"Under the premise that when the fund was created…

This article includes a total of 305 words.

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