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HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case

HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case

by AIP Online Bureau | Oct 27, 2025 | Banking & Bancassurance, Eco/Invest/Demography, International News

Madoff’s fraud was estimated as much as $64.8 billion, making it the biggest-ever Ponzi scheme, a kind of fraud whereby old investors are paid off with funds from newer ones while the organizer siphons off some of the money for themselves HSBC Holdings said on Monday...

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