An Austrian MP has filed a series of Parliamentary questions to make public allegations that senior banking officials and others in the Alpine Republic had actively worked with Bernie Madoff to create his global Pyramid scheme. The Parliamentary questions from Freedom Party MP Hans-Joerg Jenewein were filed to make public the claims in a new […]
Tag: investors
The controversial legal battle against Bank Austria on behalf of investors that lost out when they were persuaded to invest in the pyramid scheme operated by convicted fraudster Bernard Madoff has taken a twist when a specimen case was settled in advance of a High Court ruling. The case was carried out by one of […]
An Austrian millionaire who became an Internet sensation when he revealed he had given away everything in order to help the poor is really a conman who simply wanted to get publicity to sell his house and pay off his debts. Media around the world rushed to cover the story of Karl Rabeder when he […]
Last Cosmos stores to close
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Bankrupt electronic chain Cosmos will end its sale and close its remaining 17 stores tomorrow (Sat), the company announced yesterday (Thurs).The chain has already closed 10 stores and laid off 324 employees.The closures mean 1,160 employees will lose their jobs. Vienna employees will be able to find places in a regional foundation (RI) at which […]
Cosmos is bankrupt
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Austrian consumer electronics chain Cosmos is bankrupt after failing to obtain a forced settlement with creditors, according to the Alpine Land Credit Protection Association (AKV).It said prospective investors had decided to take a significantly reduced part of the Cosmos chain, 10 of its 27 stores would be closed and 400 workers would lose their jobs.Bankruptcy […]