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Apr 14, 2021 · His massive Ponzi scheme defrauded investors of an estimated $17.5 billion (or as much as $65 billion, including fictional profits), racking up huge losses for banks, pension funds and...
- Chase Peterson-Withorn
Beginning in the mid-1990s, feeder funds Kingate Global and Kingate Euro, created by Carlo Grosso, channeled $1.7 billion of his client's money to Madoff. [36] The funds were registered in the British Virgin Islands. The complaint also named Bank of Bermuda Ltd., a unit of HSBC Holdings Plc, as a defendant. The bank wired the money. [37]
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $65 billion. [1]
Madoff InvestorInvestor TypePotential ExposureSourceFairfield Sentry (Fairfield Greenwich ...US investment firm; Madoff feeder fund$7,500 million(firm statement) WSJ[8]Spanish bank$3,500 millionBermuda hedge fund; Madoff feeder fund$3,500 millionBloombergRye Investment Management (Tremont ...US hedge fund; Madoff feeder fund$3,100 millionWSJ[8]On August 6, 2019, the United States Bankruptcy Court for the Southern District of New York approved an $860 million recovery agreement with Kingate Global Fund, Ltd. and Kingate Euro Fund, Ltd., BLMIS feeder funds incorporated in the British Virgin Islands.
Dec 15, 2008 · The bank had two funds with $2.1 billion (1.5 billion euros) invested with Madoff. Bank Medici is 25% owned by Unicredit SpA and 75% owned by chairwoman Sonja Kohn. Hedge funds run by the bank had almost all their money invested with Madoff. Ascot Partners.
Jun 23, 2024 · Bernie Madoff was an American financier who orchestrated the largest Ponzi scheme in history, collecting about $65 billion that he had no intention of investing.
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Clients included banks, hedge funds, charities, universities, and wealthy individuals who had disclosed about $41 billion invested with Bernard L. Madoff Investment Securities LLC, according to a Bloomberg News tally, which may have included double counting of investors in feeder funds.
