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The Independent reports: UK investors could be nursing huge losses after being hit by a similar Ponzi scheme to that operated by Bernie Madoff.
Dennis Bolze, a stock trader from Tennessee who is being pursued by the US authorities, failed to attend a bankruptcy court hearing late last week.
About 100 unnamed investors, largely from the UK and other European countries, invested up to $20m in Centurion Asset Management, the company through which Mr Bolze said he was engaging in day trading.
The case follows that of Mr Madoff, the Wall Street fund manager who allegedly committed the world's biggest investment fraud of $50bn through a Ponzi scheme. Some of the biggest banks, HSBC and Royal Bank of Scotland, as well as the Hollywood actor Kevin Bacon have become embroiled in the scandal. Man Group, the world's biggest hedge fund manager, is considering legal action to recover losses from Mr Madoff's activities.
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