British authorities investigating Bernard Madoff's fraud are unlikely to prosecute anyone who worked at his UK business, according to people familiar with the matter, despite authorities on both sides of the Atlantic having said they believed Madoff's operations here played a role in the fraud.
Investigators at the UK Serious Fraud Office, known as the SFO, continue to probe whether there is scope to file charges in relation to money management firms that channelled client funds into Madoff's Ponzi scheme, the people said. But it may be at least a couple of months before they know whether there is sufficient evidence to press charges, they added.