Britain's Serious Fraud Office (SFO) has said it does not have enough evidence to justify legal action against the British arm of Wall Street conman Bernard Madoff's investment scheme.
In a statement, the SFO said it had completed its investigation into Madoff Securities International Ltd and the actions of the company's directors.
'Following a thorough review of all the available evidence it has decided to take no action against either the company or its directors, there being insufficient evidence to provide a realistic prospect of conviction,' it said.
But the SFO added that it was still providing help to other investigations worldwide.
The SFO, which investigates major fraud cases in Britain, also said it was continuing its own enquiries into wider aspects of the fraud.
The SFO had launched an investigation into Madoff's British operations in January 2009 following his arrest in December 2008 during the global financial crisis.
Madoff was sentenced last June to 150 years in prison after pleading guilty to a multi-billion dollar Ponzi scheme in which existing investors were paid returns stolen from new investors' capital.
Madoff claimed to have been managing $65 billion, but in October the court-appointed liquidator said the real figure was $21.2 billion. Victims are frantically trying to recoup losses.
While some were wealthy investors, others had given their entire savings to a man reputed to be the safest on Wall Street.
In December US authorities announced that Madoff, 71, had been moved to a prison hospital in North Carolina. They did not say why, and prison authorities rejected rumours a few weeks ago that Madoff was diagnosed with cancer.
