Bank Medici AG lost it’s banking license this past Thursday. The financial banking authority of Austria, the Financial Market Authority, took action because the bank’s starting capital mark dropped below the 5 million Euro requirement. Bank Medici claimed that it suffered huge losses due to Madoff’s massive Ponzi scheme. The bank noted on its website that it will still fight in the interest of its clients and make its decisions accordingly.
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Tags: madoff, ponzi scheme, protect investments, recession, securities fraud, stock fraud, stock loss, sue broker