Friday, December 26, 2008

Wealthiest Woman In The World Invested With Madoff



(image via forbes)

The "Who's Who" of Madoff investors increases. The wealthiest woman in the world, listed at #17 on Forbes billionaires, joins US News & World Report publisher Mort Zuckerman, Sen. Frank Lautenberg, and the Elie Wiesel Foundation for Humanity as victims of Bernie Madoff's Ponzi scheme. From Bloomberg:

"Liliane Bettencourt, the world’s wealthiest woman, entrusted part of her $22.9 billion fortune with Bernard Madoff through the fund manager found dead in New York yesterday, two people familiar with the matter said.

"The 86-year-old daughter of L’Oreal SA founder Eugene Schueller was the first investor in a fund managed by Access International Advisors, the people said, speaking on condition of anonymity because her investment isn’t public. The body of Access co-founder Thierry Magon de La Villehuchet, 65, was found in his Madison Avenue office yesterday. Police said he probably killed himself.

"Bettencourt, a Parisian, joins wealthy individuals from around the world, including Spanish billionaire Alicia Koplowitz, U.S. moviemaker Steven Spielberg and Nobel laureate Elie Wiesel, among victims of what Madoff, 70, told investigators was a $50 billion Ponzi scheme.

"'More high-profile names who have been victimized by Madoff will start to become known now,' said Ron Geffner, who represents hedge funds at the New York-based law firm Sadis & Goldberg LLP. 'There’s a strong sense of anguish, fear and distrust.'


More here.

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