In the largest financial industry scandal in what could be economic history, Bernard Madoff’s stunning fraud investment scam has caused dozens of respected names and institutions to take major losses; Friday, the Austrian financial regulator announced they would be forced to take control of Bank Medici, a small private bank in Austria.

“The Financial Market Authority has appointed Gerhard Altenberger to take care of the bank’s business after the resignation of the board of managing directors,” said the regulator to Forbes.com.

Forbes published a story Friday, saying that repeated contacts at the bank refused to comment on the exposure to Madoff’s scam, however, clearly announcing that two of the bank’s funds, the USA Fund and the Luxemburg Fund, totaling at over $2 billion in assets were exposed directly to the Ponzi scheme.

“There are no claims for damages or other liabilities brought forward against the bank. The bank does not anticipate any such claims in the future,” said the bank in a press release.

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