Bernard Madoff: JP Morgan warned UK authorities before confession | Business | The Guardian: "The UK's Serious Organised Crime Agency (Soca) was warned about Bernard Madoff in October 2008, two months before the fraudster confessed that his investment empire was a sham, according to a lawsuit unsealed in New York.
The allegation was made in a suit filed against JP Morgan, one of Madoff's banks, on behalf of the fraudster's victims.
According to the suit, filed by the court-appointed trustee Irving Picard, executives at JP Morgan allegedly told Soca that they were concerned about 'investment performance achieved by its [Madoff's business] funds which is so consistently and significantly ahead of its peers, year-on-year, even in the prevailing market conditions, as to appear too good to be true – meaning that it probably is'.
The lawsuit, which cites internal emails, claims that employees in the bank's 'equity exotics & hybrids' desk found that the so-called feeder funds which brought in new investors knew little about Madoff's operations and asked few questions. 'It's almost a cult [Madoff] seems to have fostered,' one employee observed."
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