As if we needed proof that worldwide financial markets are inexorably entangled, consider the collapse of the Madoff Ponzi scheme. The vaporization of as much as $50 billion invested in Madoff funds extends around the globe with concentrations of victims in unexpected places including Austria and South America. An international probe by New York-based Zwerling, Schachter & Zwerling, LLP, is focusing on whether major Austrian banks used financial funds to fraudulently funnel billions into Bernard L. Madoff's bogus investment enterprises. The New York-based law firm already is working with nearly a dozen individuals, partnerships and companies whose funds with Bank Austria and Bank Medici may have been improperly channeled to Madoff's firm. The firm also has been contacted by potential victims in Mexico, Argentina, Austria, Spain, Switzerland and Ireland.

"The auditors of these funds allowed this financial disaster to occur, and we think they have responsibility along with the banks and the feeder funds through which the banks invested in Madoff's firm," says attorney  Robert S. Schachter. "Our investigation has revealed that if financial advisors had performed basic due diligence, they could have spotted the ruse that Madoff was perpetuating with his scheme." To speak with Mr. Schachter about the Madoff investigation, contact Mark Annick at 800-559-4534 or mark@androvett.com.