Author Topic: Bernie Madoff's Victims: The List  (Read 2431 times)

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Offline bijou

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Bernie Madoff's Victims: The List
« on: December 15, 2008, 10:06:58 AM »
This is not the complete list I'm sure, but this was incredibly far reaching.
Quote
Word on the identities of Bernie Madoff's clients / victimes continues to emerge.  Please add new names to comments (or via email to hblodget@alleyinsider.com).

Bernie Madoff's Victims (So Far)

HSBC "has emerged as one the largest victims of Bernard Madoff’s alleged fraud with potential exposure of about $1bn to the investment manager’s collapsed venture...HSBC’s exposure stemmed from loans it provided to institutional clients, mainly hedge funds of funds, that wanted to invest with Mr Madoff. HSBC’s direct exposure is believed to be about $1bn in loans provided to clients who invested some $500m of their own funds in Mr Madoff’s venture. Under the typical terms of these deals, if the US authorities recover any funds from Mr Madoff, HSBC will be paid first, with its clients suffering the first tranche of losses." (FT:)

... Lawrence Velvel, "69, dean of the Massachusetts School of Law, said he and a friend may have lost millions of dollars between them (AP). "This is a major disaster for a lot of people," Velvel said in a telephone interview from his Andover, Mass., office. "You work all your life, you finally manage to save up something, and somebody who's entrusted with it, it turns out suddenly he's a crook. Lots of people are getting fully or partially wiped out." Velvel said he wants to know where government regulators, as well as accountants and others at Madoff's company, were when the money was being lost." (AP) ...

Elie Wiesel's Foundation For Humanity.  Total assets of about $10 million.

Members of half-a-dozen country clubs:  WSJ: "Mr. Madoff tapped social networks in Dallas, Chicago, Boston and Minneapolis. In Minnesota, he attracted investors from Hillcrest Golf Club of St. Paul and Oak Ridge Country Club in Hopkins, investors say. One of them estimated that investors from the two clubs may have invested more than $100 million combined. One of the largest clusters of Madoff investors was in Florida, where losses could be substantial. Mr. Madoff relied on a network of friends, family and business colleagues to attract investors. According to investors and agents, some of these agents were paid commissions for harvesting investors. Others had separate, lucrative business relationships with Mr. Madoff. "If you were eating lunch at the club or golfing, everyone was always talking about how Madoff was making them all this money," one investor says. "Everyone wanted to sign up." Jeff Fischer, a top divorce attorney in Palm Beach, says many of his clients were also Mr. Madoff's clients. "Every big divorce that came through my office had portfolio positions with Madoff," he says. Two of his investors said that among his clients, Mr. Madoff was considered a money-management legend; they would joke that if Mr. Madoff was a fraud, he'd take down half the world with him." ...

Sen. Frank Lautenberg. Unspecified (Newsday).

Robert Lappin Foundation in Massachusetts closed its doors today and is citing relationship to Maddoff fund. $8MM foundation plus personal holdings. Foundation supported Jewish organizations throughout North Shore of Massachusetts. (source: Jewish Journal)

Wunderkinder Foundation, a Steven Spielberg charity. In the past the foundation "appears to have invested a significant portion of its assets with Mr. Madoff, based on regulatory filings. In 2006, the Madoff firm accounted for roughly 70% of the foundation's interest and dividend income, according to regulatory filings. A representative of Mr. Spielberg confirmed that the foundation has suffered losses on its investments with the Madoff firm. He said he didn't know the size of the losses and couldn't comment further, including on whether Mr. Spielberg had any of his own money invested with the Madoff firm." WSJ ... 
http://clusterstock.alleyinsider.com/2008/12/bernie-madoff-hosed-client-list

It takes a special sort of crook to swindle charities. I don't know how he managed to live with himself all these years, he must have no conscience:(



Offline thundley4

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Re: Bernie Madoff's Victims: The List
« Reply #1 on: December 15, 2008, 11:15:08 AM »
How about a list of his beneficiaries , both political and charitable?  http://www.newsmeat.com/fec/bystate_detail.php?zip=10022&last=MADOFF&first=BERNARD

Offline bijou

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Re: Bernie Madoff's Victims: The List
« Reply #2 on: December 15, 2008, 11:38:44 AM »
How about a list of his beneficiaries , both political and charitable?  http://www.newsmeat.com/fec/bystate_detail.php?zip=10022&last=MADOFF&first=BERNARD

Yup he was a big Dem donor, as probably were many of his victims. There are going to be some disappointed politicians out there.



Offline DumbAss Tanker

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Re: Bernie Madoff's Victims: The List
« Reply #3 on: December 15, 2008, 11:45:59 AM »
"Give me 10 million and I'll make you rich!" said Bernie.

"How is it going to be invested?" asked the marks.

"Leave all those technical details to me," said Bernie.

"Oh, Okay!" said the marks.





Stupid is as stupid does.  Tough shit, marks.
Go and tell the Spartans, O traveler passing by
That here, obedient to their law, we lie.

Anything worth shooting once is worth shooting at least twice.

Offline Black Swan

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Re: Bernie Madoff's Victims: The List
« Reply #4 on: December 15, 2008, 07:28:06 PM »
Madoff Investors May Be Protected By Government
Judge Says Those Duped Need Aid Under The Securites Investor Protection Act



LINK


Offline Baruch Menachem

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Re: Bernie Madoff's Victims: The List
« Reply #5 on: December 17, 2008, 02:13:50 PM »
Every legitimate investment fund send out audited statments annually, sometimes quarterly.  They also list their investments.

These clods really should have known better, and I bet a lot of them did.

I hope Lautenburg got cleaned out.  Big Dummie weasal, IIRC

the Dan of a law school, (!!??) he should be responsible for replacing some of the other investers funds.  He really should have known better.
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