British Virgin Islands-registered fund Auriga International Advisers has lost more than 400 mln Swiss francs ($350 mln) that were invested with the company’s main shareholder Bernard Madoff. According to the information provided by Jacques Rauber, the majority shareholder of the fund, as well as to the reports published in Swiss weekly SonntagsZeitung, funds of the company were wholly invested in Fairfield Sentry – the US fund which, in its turn, invested all of its assets, which made $7.3 billion, with Madoff.
Auriga is licensed to provide financial management services by the BVI authorities. There is no much information about Auriga’s investors, except for the fact that among them there are institutional investors and high net worth individuals. Jacques Rauber also said that another fund, Auriga Alternative Strategies, was affected much less.
This case is similar to the court case with transfering money of another BVI-domiciled company Repex Ventures into funds run by Madoff. The arrested money manager has confessed to losing up to $50 billion in a giant Ponzi scheme.