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Picard is now claiming that the participants were well aware of the indicators of Madoff’s fraud but stood back and let it happen. In fact, some of them hired a consulting company that reported twice to HSBC about the serious risks to the financial service company. He is now suing HSBC in order to get the money back for his clients, the investors.

He goes on to add that “had HSBC and the defendants reacted appropriately to such warnings and other obvious badges of fraud in the complaint, the Madoff Ponzi scheme would have collapsed.”

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