IS Austrian Julius Meinl The European Madoff
In what is being billed as a 4 billion dollar real estate fraud case, Julius Meinl V is being compared to the arch villain of fraud in the United States, Bernard Madoff.
Working with former Austrian Finance Minister Karl-Heinz Grasser, Meinl used his prestige and name, his family has long been a powerful merchant and banking family in Austria, to embezzle what is said to be billions of dollars from a real estate fund.
At the center of the charges is Meinl European Land Ltd., a company based in the isle of Jersey and controlled by Mr. Meinl. The real-estate firm was created by Meinl Bank but publicly listed on the Vienna Stock Exchange.
The probe comes as a second blow to Austria’s financial institutions in recent months. In December, Austria’s Bank Medici was identified as a conduit for more than $2 billion in investments in the New York-based Ponzi scheme run by Bernard Madoff. No charges have been filed against any Bank Medici employees. Bank Medici, its directors and senior management have said they knew nothing about the Madoff fraud at the time. WSJ.com.
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Comment by Portland Real Estate on 6 April 2009:
String them up by their intestines like they deserve.
Comment by Atlanta homes on 7 April 2009:
I think as 2009 roles on we are going to be reading about more and more Madoff type crooks. Now that they cannot hide, their faces will be revealed.