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Julius Baer could face big Madoff penalty-lawyers

Mon Jul 6, 2009 6:15am EDT

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MADRID, July 6 (Reuters) - Swiss bank Julius Baer (BAER.VX) could face a penalty equivalent to up to 5 percent of its capital if is found to have broken Spanish regulations regarding the sale of funds placed with convicted U.S. fraudster Bernard Madoff, a Spanish law firm said on Monday.

A global alliance of law firms representing Madoff victims told a Madrid news conference they would present a complaint to the Bank of Spain and stock market regulator CNMV alleging that Julius Baer did not have the necessary licence for operating in Spain.

"This bank's activities in Spain lack the appropriate authorisation, which is a very serious infraction with very serious penalties and important economic sanctions that can amount to up to 5 percent of the bank's capital," the group said in a news release.

(Reporting by Sarah Morris; writing by Jason Webb)



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