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French financier under investigation over Madoff

Wed Nov 4, 2009 7:42am EST

PARIS, Nov 4 (Reuters) - French financier Patrick Littaye has been placed under formal investigation over the multi-billion dollar fraud scheme that was run by jailed American Bernard Madoff, a judicial source briefed on the matter said on Wednesday.

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The source said Littaye was under investigation for breaching customers' trust. Being placed under formal investigation in France is the first step before being put on trial. Littaye has denied any wrongdoing.

Littaye founded Access International Advisors along with another Frenchman, Thierry Magon de la Villehuchet.

Access International was a feeder fund to Madoff. Villehuchet committed suicide last year following the discovery of the fraud.

(Reporting by Thierry Leveque; Editing by Marcel Michelson and Erica Billingham)

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