Investors Hire Attorneys to Investigate Claims Against Westport National Bank of Connecticut Arising Out Of Bernard Madoff's Alleged Ponzi Scheme


WEST PALM BEACH, Fla., Dec. 31, 2008 (GLOBE NEWSWIRE) -- The law offices of McCabe Rabin and Stein, Stein & Pinsky have been retained by Florida investors to investigate claims against various third parties in connection with Madoff's alleged Ponzi scheme. The third parties include Westport National Bank (a division of Connecticut Community Bank, N.A.).

The firms have learned that investors in Florida and other states were solicited by a promoter to invest with Westport National Bank in Westport, Connecticut. Both the promoter and Westport National Bank charged fees to investors who were placed with Bernard L. Madoff Investment Securities. When the news broke that Madoff's operation was a Ponzi Scheme, the investors were devastated to learn that their millions "on paper" did not exist.

A lead attorney investigating the Madoff fallout, Adam Rabin, said, "We are getting new calls daily. When the news first broke, we were hearing that investors needed a minimum of $10 million dollars to invest with Madoff. Today we're receiving calls that investors had pooled from several hundred thousand to several million dollars together with other investors. We are seeing claims where banks and securities brokerage firms breached their fiduciary duties to make suitable investment recommendations to their clients by over-concentrating all of the investors' assets with Madoff."

Ryon McCabe, serving as co-lead counsel on behalf of the investors, said that, "Certain banks and securities firms did not perform sufficient due diligence on Madoff before investing certain clients' assets with him. Beyond suitability issues, this is the worst securities fraud that we have seen in a long time. Individuals and non-profit foundations from all across Palm Beach County, including Boca Raton, Jupiter, Palm Beach, Wellington, and West Palm Beach, have been impacted by this crisis."

The firms are available to speak with clients harmed by third parties, banks, and stockbrokers that did not fulfill their duties to their clients.


            

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