Documents from a US fund that invested in products managed by alleged fraudster Bernard Madoff revealed at least 24 specific warnings about risks prospective investors would face, in spite of general consensus that funds had provided insufficient warning to investors over the dangers of the firm.

Many investors have blamed US regulators for failing to identify the alleged $50bn (€35.7bn) fraud committed by Bernard Madoff, and commentators generally expect a raft of legal cases to stem from it.