Bernie the Relentless

Yes, I agree with Gore Vidal who recently said about Bernie Madoff that he was "relentless". He fooled everyone and thats not quite easy to do. 13 years without ever processing a single financial transaction. The lists of clients include Wall Street CEOs, CFOs, Hollywood actors, directors and producers, international banks from Spain, Swiss, Japan, Hong Kong and loads of charitable foundations. Bernie was relentless because he had no favorites, I mean everyone has to have to favorite, specially when you see charitable foundations on the list. Not only that but he also rejected thousands of investors, apparently the minimum to invest with Bernie was US 20 Million.

Now, a UK High court approves of data transfer to the US in Madoff case

The Chancery Division of the High Court gave its nod of assent - on 27 February 2009 - to the transfer of personal data to the Unites States (US) to further ongoing legal proceedings against Madoff Investment Securities LLC.

In the case (Re Madoff Securities International Ltd, 2009 EWHC 442), Justice Lewison ruled that although such transfers are normally barred under the Data Protection Act of 1998 (DPA), certain exemptions apply "when the transfer is necessary for reasons of substantial public interest and ...for the purpose of, or in connection with, any legal proceedings (including prospective legal proceedings)”. Section 4 of the DPA specifically forbids the transfer of personal data to countries outside of the European Economic Area, unless that country ensures an adequate level of protection – the US is not deemed to have such an adequate level of protection.

"I am satisfied that it is in the public interests for an alleged fraud on this scale and of this complexity to be investigated," said Justice Lewison, "and on the evidence before me, I am therefore satisfied that the transfers of the information scheduled to the draft order are necessary for reasons of substantial public interest."

The Court was also satisfied that the exemption relating to legal proceedings was applicable in this situation as well.

"The unravelling of the fraud will undoubtedly involve legal proceedings", said Justice Lewison. "Indeed...there are two such proceedings already on foot, namely the liquidators both in New York and in this country, and the establishment of legal rights will no doubt be necessary in order to wind up the affairs of both companies in an orderly fashion."

Madoff Investment Securities LLC, including its English subsidiary Madoff Securities International Limited, is alleged to have been at the heart of a $50 billion fraud, involving a number of charities and public authorities. The provisionally appointed UK liquidators, under the request of the US liquidators, had requested the UK High court to consider the data transfer under Section 112 of the Insolvency Act of 1986.