French police probe possible Madoff hit to CIC bank

Mon Jul 6, 2009 1:15pm EDT
 
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PARIS, July 6 (Reuters) - French police have opened a preliminary investigation after an allegation by French bank CIC that it had fallen victim to the record fraud by U.S. businessman Bernard Madoff, the public prosecutor's office said.

CIC, part of mutually held French bank Credit Mutuel, alleged it had lost several million dollars as a result of the fraud, the prosecutor's office added on Monday.

Officials at CIC, which first said late last year it could have exposure of up to 90 million euros to Madoff funds, could not be immediately reached for comment.

Madoff, 71, was sentenced last month to 150 years in prison after carrying out an investment fraud worth as much as $65 billion which hit many of the world's top financial institutions and leading celebrities. (Reporting by Thierry Leveque, editing by Will Waterman)

 

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