Madoff Fraud
As a result of the alleged fraud by Bernard Madoff, Fortis Bank Netherlands (Holding) NV lost 1 billion euros on loans from the bank (through its subsidiary Prime Fund Solutions, part of Fortis Merchant Banking) to hedge fund and as collateral investments in Bernard Madoff Investment Securities.
The Dutch government said on behalf of Fortis that a claim against the Securities and Exchange Commission would be considered.
Read more about this topic: ABN AMRO Group
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