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NEW YORK — Banco Santander SA sold Bernard Madoff investments to a teacher and a street vendor, not just to wealthy private banking clients in Spain and Latin America.
Branch managers channeled customers with money from property sales or inheritances to private banking salespeople, lawyers for the investors said. A retired schoolteacher put $388,000, in a structured product linked to Madoff, said Jordi Ruiz de Villa, an attorney at the Barcelona law firm Jausas.
