The FT reports that Banco Safra of São Paulo for several years marketed a fund called Zeus Partners Limited. The fund acted as a feeder fund to Bernard Madoff Securities.

A Safra spokesperson in New York denied these accusations and said Banco Safra in Brazil had no involvement with Mr Madoffâ??s funds and that none of the Safra banks promoted any Madoff funds. However, documents obtained by the FT provide evidence that the Safra Group may have promoted investments with Madoff through the Zeus fund.

The total amount invested with Madoff is at least $300m according to informed sources.