Irish Watchdog: Probing Funds Exposed To Madoff

Ireland's financial regulator is looking into two investment funds with exposure to Bernard Madoff and work is ongoing, a spokeswoman said on Wednesday. U.S prosecutors say Madoff ran a $50 billion Ponzi scheme, paying off earlier investors with money from later ones, in a scam that has devastated investors including European banks.

Ireland's regulator said one of the funds it was looking into was a pan-European fund, known as UCITS, with the other administered under Irish law.

"Our work is ongoing," the spokeswoman said without giving details about the size of the funds.

The regulator said last week the funds had suspended dealings with investors.