Increasing Victims of Wall Street ‘Fraud’
Monday, December 15, 2008 9:17
The list of victims keep rising after investing in a fund run by Bernard Madoff. Though the regulatory filings show that Mr Madoff only had about 25 clients, the number who could lose money through funds that invested in Bernard L. Madoff Investment Securities could run into thousands.
The number of various financial institutions and Wall street brokers set to lose billions of pounds, keeps on growing by the hour ever since Mr Madoff was arrested. Even a number of charities has been exposed to be involved in the alleged scam.
RBS just just announced today that it had an exposure of £400 million to the alleged fraud. HSBC and Santander, the Spanish group that owns Britain’s Abbey, Alliance & Leicester and Bradford & Bingley are also exposed to Mr Madoff’s business. Man Group, the world’s biggest listed hedge fund manager, also confirmed that its RMF division has about $360 million invested in two funds that are “directly or indirectly sub-advised by Madoff Securities and for which Madoff Securities acts as broker-dealer executing the investment strategy.”
Wunderkinder Foundation, charity by film director Steven Spielberg, has confirmed that it has suffered losses on its investments with Madoff. Meanwhile, the Elie Wiesel Foundation for Humanity and the Robert I. Lappin Charitable Foundation are also understood to have invested with the company.
Other casualties include Nomura, BNP Paribas and so on. And other wealthy individuals affected include Norman Braman, Fred Wilpon, and J. Ezra Merkin, etc.
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