Swindled by the Billions
Branded as the biggest con of the history. On December 11, 2008 at 8.30 a.m, Federal Bureau of Investigation agents arrested Bernard Madoff and charged him with perpetrating the largest investor fraud ever committed by a single individual.
He was running a sophisticated Ponzi Scheme with having investors from international banks, firms and institutions, foundations to celebrities. Maddoff admitted that his firms owns liabilities amounting to $50 billion. The scheme operated for decades, Maddoff was getting high profile investors from the rich and famous giving interest of around 1% per month or 12% a year. There are reports that after his scheme has been unraveled last month he had plans to disburse checks amounting to almost $175M among his friends and family.
Here is a partial list of people swindle by the Maddoff ponzi scheme and the investment they lost.
1. Actor Kevin Bacon and Wife Kyra Sedgwik “lost everything except for their checking accounts and land they own” in the ponzi scheme.
2. Rene-Thierry Magon de la Villhuchet, lost $1 billion of his client’s money which led to his suicide.
3. Group Santander SA of Spain = $3.2 billion
4. HSBC Holdings PLC of Brittain = $1 billion
5. Natixis of France = $617 M
6. Royal Bank of Scotland = $612 M
7. BNP Paribas of France = $480 M
8. BBVA of Spain = $452 M
9. Reichmuth & Co. of Switzerland = $332 M
10. Nomura Holdings of Japan = $304 M
11. Unicredit of Italy = $103 M
12. Benedict Hentsch & Cie SA of Switzerland = $48.3 M
13. Mortimer B. Zuckerman (owner of U.S. News & World Report) = $30 M
14. Societe Generale of France = $13.7 M
15. Credit Agricole of France = $13.7 M
16. Robert I. Lappin Charitable Foundation of Salem, Mass. = $8 million
17. Nordea of Sweden = $6.6 million
18. Former New York governor Eliot Spitzer’s family real estate company lost money
19. New Jersey Sen. Frank Lautenberg = entrusted the bulk of his family’s charitable foundation
20. Steven Spielberg’s Wunderkinder Foundation = as of 2006, film director Steven Spielberg’s charity foundation had roughly 70 percent of its funds invested with Madoff.
21. Real estate mogul and New York Mets owner Fred Wilpon, former Philadelphia Eagles owner Norman Braman, J. Ezra Merkin, chairman of GMAC Financial Services, Elie Wiesel’s Foundation for Humanity
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