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'British Madoff' Disappears After $200M Fraud Unravels

Bruce Carton | December 26, 2014

The UK press reported this week that a trader named Joe Lewis of Yorkshire has disappeared after admitting earlier this month that his investment firm actually stopped operating back in 2009. Despite the firm not engaging in any trading for years, investors in JL Trading continued to receive detailed monthly trading statements until September 2014, the Financial Times reports, and JL Trading claimed to manage $200 million in client funds as of last month. 

The Mirror reports that in September and November 2014, Lewis (who has now been dubbed the "British Madoff" or the "UK Madoff" by some publications) sent clients emails that blamed the firm's inability to return funds to investors on "problems with the American...

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