Bank Medici

The Bank Medici AG was an Austrian private bank.

Structure

The Medici Bank was founded in 1984 by investment banker Sonja Kohn of which has advised in economic affairs, the Austrian Government, and is the chairman of the bank. In 2003, the conversion to a corporation and the current name was.

75 percent of the Medici Bank, headquartered in Vienna, Operngasse 6/4, holds the founder and the remaining 25 percent plus one share of Bank Austria. In the Supervisory Board of the bank is beside the Deputy Chairman Ferdinand Lacina, who from 1986 to 1995 Minister of Finance in Austria was Johann Farnleitner, which was from 1996 to 2000 Federal Minister for Economic Affairs, registered. The Bank's activity includes financial services in the national and international level, financial consulting and brokerage of securities transactions.

Turbulence

Beginning of December 2008 was the private bank in the headlines because she is said to have sold the built on a Ponzi scheme of Bernard L. Madoff funds in the billions. The commissions in the amount of approximately EUR 9 million for the procurement of Madoff fund established in 2007 with 70 percent share of the operating income, the main business of the bank Represents the published by the Management Board or on 19 December 2008 earnings after the Supervisory Board meeting was: the status of the Bank 's solid, it has no capital or liquidity problems. On January 2, 2009, the Bank was placed as a result of developments forced under state supervision and ordered a government commissioner. On 10 December 2010 the Bank Medici, Sonja Kohn, and others ( for the bank less important people) were sued in New York for damages in the amount of around 15 billion euros. This action is in connection with the scandal surrounding Bernard L. Madoff.

In November 2008, the Viennese bankers had occupied the first place in "Germany's Hedge Fund Award".

Completion

On 19 March 2009, the Board announced the liquidation of the bank and the return of the license to the Financial Supervisory Austria. The liquidation of the company is not in the conversation.

On 28 May 2009, the Financial Market Authority withdrew surprisingly, the Bank Medici AG with immediate effect the concession. The company had fallen below the initial capital required by law in the amount of five million euros sustainable. Thus the bank is no longer entitled, bank transactions according to § 1 paragraph 1 exercise Banking Act.