Sunday, December 21, 2008

Madoff Victims - A List

The Bernard L. Madoff Investment Securities LLC fraud has caused huge ripples throughout the investment community and far beyond. Many investors, from the large and savvy to the small non-profit, has been affected - in some cases irrevocably. The Wall Street Journal, FinAlternatives and several other media outlets have assembled good lists of individuals and entities that have been defrauded in this case. The Marquet International investigative research staff has attempted to update, combine and edited these lists as best we can - which we post here for our readers benefit (entity, exposure and description, if available):

Fairfield Greenwich Advisors
Investment advisors based in Connecticut
$7,500,000,000
Managed by Walter M. Noel, Jr., Fairfield Sentry Ltd. invested with Madoff.

Grupo Santander
Spanish bank
$3,500,000,000

FIM Ltd.
Funds manager based in London
$3,500,000,000
Investment via Kingate Funds

Tremont Group Holdings
Hedge fund group
$3,300,000,000
Owned by Oppenheimer Funds and Massachusetts Mutual Life Insurance Co. Tremont's Rye Investment Management unit had $3.1 billion invested, and its fund of funds group invested another $200 million.

Kingate Management
Hedge fund
$2,800,000,000
Investment via Kingate Global Fund

Bank Medici
Austrian bank
$2,100,000,000
The bank had two funds with $2.1 billion invested. Bank Medici is 25% owned by Unicredit SpA and 75% owned by chairwoman Sonja Kohn.

Ascot Partners
Hedge fund founded by GMAC chief J. Ezra Merkin
$1,800,000,000

Access International Advisors
New York-based investment firm
$1,400,000,000

Fortis Bank Nederland
Dutch bank
$1,350,000,000
Indirect exposures

HSBC
UK bank
$1,000,000,000

J.P. Jeanneret Associates, Inc.
Investment advisor based in Syracuse, New York
$946,000,000

Genevalor, Benbassat & Cie.
Money manager based in Switzerland run by the Benbassat family.
$935,000,000

Union Bancaire Privee
Swiss bank
$846,000,000

Natixis SA
French investment bank
$614,000,000
Indirect investments

Royal Bank of Scotland Group PLC
British bank
$599,000,000

Carl & Ruth Shapiro
Individuals and foundation investors; Carl Shapiro is the founder and former chairman of apparel company Kay Windsor Inc.
545,000,000
Reportedly $400 million invested individually and $145 million in the Carl and Ruth Shapiro Family Foundation.

Sterling Equities
New York investment vehicle owned by Fred Wilpon, also owner of New York Mets.
$500,000,000

BNP Paribas
French bank
$431,170,000
Exposure through its trading business and collateralized lending to funds of hedge funds.

BBVA
Spanish bank
$404,000,000
Indirect investment exposure

Fix Asset Management
Hedge fund based in New Jersey
$400,000,000

Man Group PLC
U.K. hedge fund
$360,000,000

Reichmuth & Co.
Swiss private bank
$327,000,000

Nomura Holdings
Japanese brokerage firm
$304,000,000
Exposure Via Fairfield Sentry fund.

Maxam Capital Management
Fund of funds based in Darien, Connecticut
$280,000,000
The fund reported a combined loss of $280 million on funds they had invested. Sandra Manzke, Maxam's founder and chairman, claims they are "wiped out."

Pioneer Alternative Investments
Dublin-based investment firm
$280,000,000

EIM SA
European investment manager
$270,000,000

Ira Rennert
Individual investor
$200,000,000

Bank Austria
Austrian bank
$192,100,000

M&B Capital Advisers
Spanish brokerage run by the son and son-in-law of the chairman of Banco Santander.
$187,900,000

Jerome Fisher
Individual investor and founder of Nine West apparel company
$150,000,000

Aozora Bank Ltd
Japanese bank
$137,000,000
Cerberus Capital Management LP owns a majority stake in Aozora.

AXA SA
French insurance conglomerate
$123,200,000
Credit Industrial et Commercial SA
French bank
$111,000,000
Indirect exposure.

Yeshiva University
Educational institution in New York
$110,000,000
A portion of its endowment had been invested for 15 years with Ascot Partners, which had "substantially all its assets invested with Madoff." J. Ezra Merkin has resigned as University trustee in the wake of the scandal.

Dexia
French bank
$106,900,00
Indirect exposure.

UniCredit SpA
Italian Bank
$92,390,000

Hadassah
The Women's Zionist Organization of America
$90,000,000

UBI Banca
Italian bank
$86,000,000
Investment via UBI entities UBI Pramerica and Capitalgest Alternative Investments.

Swiss Life Holding
Swiss insurer
$78,900,000
Indirect investments

Nordea Bank AB
Swedish Bank
$65,000,000

Great Eastern Holding
Singapore insurer majority owned by Oversea-Chinese Banking Corp.
$64,000,000

Hyposwiss
Swiss private bank owned by St. Galler Kantonalbank
$50,000,000

Korea Life Insurance Co
Korean insurer
$50,000,000

Banque Benedict Hentsch & Cie. SA
Swiss-based private bank
$48,800,000
Benedict Hentsch had also recently agreed to merge with Fairfield Greenwich Group, a major Madoff distributor. It is currently attempting to cancel that deal.

Royal Dutch Shell pension fund
Pension of global energy and petrochemical company
$45,000,000
Indirect investment.

Fairfield, Connecicut pension fund
Municipal pension fund
$42,000,000

Royal Bank of Canada
Canadian Bank
$40,400,000

Wolosoff Foundation
Non-profit foundation
$38,000,000

Bramdean Alternatives
Asset manager run by Nicola Horlick, aka “Superwoman.”
$31,200,000

Sarah Chew family
Individual investors
$30,000,000

Mortimer B. Zuckerman Charitable Remainder Trust
The charitable trust of real-estate magnate, who owns the Daily News and U.S. News & World Report.
$30,000,000

Arthur I. and Sydelle F. Meyer Charitable Foundation
Non-profit foundation based in Florida
$29,200,000

Sumitomo Life Insurance Co.
Japanese insurer
$22,000,000
Indirect investments

Banco Espirito Santa
Portuguese bank
$21,400,000

Tufts University
Educational institution
$20,000,000
Investment via Ascot Partners, which reportedly invested the entire sum with Madoff. Tufts has written off the value of this investment.

The Madoff Family Foundation
Charity run by the Madoff family
$19,000,000

Jewish Community Foundation of Los Angeles
The largest manager of charitable gift assets for Los Angeles Jewish philanthropists
$18,000,000
Support organization for the Madison Cultural Arts District. The group had funds invested with Fairfield Greenwich

Taiyo Life Insurance Co.
Japanese insurer
$17,900,000
Indirect investments

KSM Capital Advisors, LLC
Investment firm based in Indianapolis, Indiana owned by investment firm Katz, Sapper & Miller
$15,000,000

Phoenix Holdings
Israeli financial services company
$15,000,000
Investments via Thema, which made Madoff investments.

Harel Insurance Investments & Financial Services Ltd.
Israel-based insurance firm
$14,200,000

Alicia Koplowitz
Individual investor
$13,700,000

Groupama SA
French insurer
$13,600,000

Baloise Holding AG
Swiss insurer
$13,000,000

Lautenberg Family Trust
Charitable foundation of New Jersey Sen. Frank Lautenberg
$12,800,000

Societe Generale
French Bank
$12,320,000

Credit Agricole SA
French bank
$12,320,000

KAS Bank
European financial company
$12,300,000
Massachusetts Pension Reserves Investment Management
State pension
$12,000,000

Richard Spring
Individual investor based in Florida
$11,000,000
Spring claims he had about 95% of his net worth invested with Mr. Madoff.

Mitsubishi UFJ FInancial Group
Japanese financial institution
$11,000,000

Hampshire County Council
Municipal UK pension
$10,700,000

RAB Capital
Hedge fund
$10,000,000

Richard Roth
Individual investor
$10,000,000

United Jewish Endowment Fund
Jewish non-profit charity
<$10,000,000

Banco Popolare
Italian bank
$9,860,000

Korea Teachers Pension
Korean pension fund
$9,100,000

Mitsui Sumitomo Insurance Co.
Japanese insurance and financial group
$9,000,000
Indirect investments with Madoff

Robert I. Lappin Charitable Foundation
Massachusetts-based Jewish charity forced to close last Friday as a result of Madoff losses.
$8,000,000

Michael Roth
Individual investor
$7,500,000

Chais Family Foundation
Jewish charity based in California forced to shut down last Sunday as a result of losses.
$7,000,000

Technion
Educational institution, aka Israel Institute of Technology in Haifa, Israel
$6,500,000

Jewish Federation of Greater Los Angeles
LA-based non-profit charity
$6,400,000

Ramaz School
Educational institution
$6,000,000

Julian J. Levitt Foundation
Texas-based charity
$6,000,000

Irwin Kellner
Individual investor from Port Washington, NY suing Madoff
$6,000,000

North Shore-Long Island Jewish Health System
Health system
$5,700,000

Stony Brook University Foundation
Educational institution endowment
$5,400,000

Neue Privat Bank
Swiss bank
$5,000,000

Maimonides School
Educational institution in Boston
$5,000,000

David Berger
Individual investor
$5,000,000

International Olympic Committee
The organizer of the Olympic Games
$4,800,000

Credicorp
Peruvian financial services company
$4,500,000
Direct and indirect investments via Credicorp's Atlantic Security Bank.

SAR Academy
Educational institution
$3,700,000

Dorset County Pension Fund
UK municipal pension fund
$3,500,000

Congregation Kehilath Jeshurun
Synagogue in New York
$3,500,000

Caja Madrid
Spanish investment firm
$3,100,000

Merseyside Pension Fund
Municipal UK pension fund
$3,000,000

Roger Peskin
Individual investor
$3,000,000

New York Law School
Law school in New York City
$3,000,000
The school invested the money through its endowment entity. The school filed an investor lawsuit against J. Ezra Merkin, Ascot Partners and BDO Seidman.

Swiss Reinsurance Co.
Swiss insurer
$3,000,000
Indirect exposure through hedge fund investments

Global Specialised Opportunities 1
Hedge fund based in Bermuda
$2,800,000

Banca March
Spanish bank
$2,700,000

American Friends of Yad Sarah
Jewish charity in New York, based in Israel
$1,500,000

Caisse des dépôts et consignations
French government owned bank
$1,380,000

Robert and Sarah Chew
Individual investors
$1,200,000

Ira Roth
Individual investor based in New Jersey
$1,000,000

Harold Roitenberg
Individual investor
$1,000,000

Arnold & Joan Sinkin
Individual investors
$1,000,000

Stephen Abbott
San Francisco attorney
<$1,000,000 Reportedly had "several hundred thousand dollars" in a family trust funds invested’
Allegretto Fund
Hedge fund
$790,000

Clal Insurance Enterprise Holdings
Israel-based financial services company
$778,800

Mediobanca SpA
European bank; invested via its subsidiary Compagnie Monegasque de Banque
$671,000

Betty Greenfield
Individual investor
$400,000
Investment of personal trust account

Other victims with unspecified losses include:

Allianz Global Investors
The asset management unit of German insurer Allianz SE
The unit says exposure "is not significant."

Austin Capital Management
Fund of funds

AWD
Financial services provider

Banco Espanol de Credito SA (Banesto)
Spanish bank controlled by Banco Santander
Its clients have a total 2 million euros exposure

Barclays PLC
UK bank
The bank says it has "minimal" exposure" and is "fully collateralized"

Ed Blumenfield
Individual investor and New York area real estate developer

Norman Braman
Individual investor and former owner of Philadelphia Eagles

Gerald Breslauer
Individual investor and Hollywood financial advisor to Steven Spielberg and Jeffrey Katzenberg. Breslauer himself has likely sustained heavy losses as he typically invests alongside his clients.

Chair Family Foundation
Charity

CNP Assurances
French insurer
Indirect exposure of 3 million euros via a fund of funds

Credit Suisse
Swiss bank
The company says it has "no material direct exposure." It is reviewing if any client funds were affected.

EFG International AG
Swiss private banking and asset management group

Englebardt family
Individual investors from Los Angeles

Erste Bank
Hungarian bank

Fair Food Foundation
Michigan charity

Leonard Feinstein
Individual investor and co-founder of retailer Bed Bath & Beyond

Stephen A. Fine
Individual investor and president of Biltrite Corporation

Fire and Police Pension Association Of Colorado
Pension Fund
It had $60 million invested with Fairfield Greenwich as of six months ago.

Barbara Flood
Individual investor

Fukoku Mutual Life Co.
Japanese insurer
Indirect investments via trust accounts.

Avram and Carol Goldberg
Individual investors and former owners of Stop & Shop Supermarkets

Joyce Z. Greenberg
Individual investor

Gutmann Bank AG
Austrian Bank

Helfman family
Individual investors from Miami

Hillcrest Golf Club of St. Paul
Country club in Minnesota

JEHT Foundation
New York foundation focused on electoral and criminal justice reform says it will close at the end of January 2009 as a result of losses. Donors Jeanne Levy-Church and Kenneth Levy-Church had all their funds managed through Madoff.

Jeffrey Katzenberg
Individual investor and CEO of DreamWorks Animation SKG Inc.
Katzenberg's financial affairs along with those of Steven Spielberg were managed by Gerald Breslauer. Katzenberg’s losses are in the “millions” according to people familiar with the matter.

KBC Group NV
Belgian banking and insurance group
Indirect exposure through collateralized loans.

Knowsley MBC
Municipal UK pension

LLBW
German bank

Leonard Litwin
Individual investor and real estate magnate

Loeb family
Individual investors

Mirabaud & Cie.
Swiss bank

MorseLife
Florida charity

Nipponkoa Insurance
Japanese insurer

Notz, Stucki & Cie
Swiss investment managers

Oak Ridge Country Club
Country club in Minnesota

Palm Beach Country Club
Country club in Palm Beach, Florida

Philoctetes Center for the Multidisciplinary Study of the Imagination
New York non-profit
Reportedly may be forced to close due to losses from Madoff investments

Eric Roth
Individual investor and screenwriter

St. Helens MBC
Municipal UK pension

Sefton MBC
Municipal UK pension

SNS Reaal Groep
Dutch financial services firm

Eliot Spitzer family
Individual investors and former NY Governor

The Elie Wiesel Foundation for Humanity
The charitable foundation of Nobel laureate Elie Wiesel

Thema
European hedge fund

Jeff Tucker
Individual investor and founding partner of Fairfield Greenwich Group; owner of Stone Bridge Horse Farm

Thyssen family
Individual investors

UBS AG
Swiss bank
The bank says is has "no material exposure."

Lawrence Velvel
Individual investor
Velvel is dean of the Massachusetts School of Law who, together with a friend and another investor, "may have lost millions of dollars."

Wunderkinder Foundation
The Steven Spielberg charity reportedly invested some 70% of its assets with Madoff

Sources: Wall Street Journal, Financial Times, New York Times, Bloomberg, Associated Press, MarketWatch, Newsday, CNBC, Boston Globe, Chicago Tribune, Toronto Globe & Mail, Time, Reuters, Palm Beach Post, Fin Alternatives, and other media sources.
We welcome any additions, corrections/edits & comments. Please let us know at fraudtalk@marquetinternational.com.

3 comments:

Anonymous said...

I should be grateful if you could correct the erroneous assertion that Vincent Tchenguiz has a loss of $6.3m as a result of Bernard Madoff’s alleged activities. This figure is incorrect on a number of levels and is being picked up from your website and repeated elsewhere.

Mr Tchenguiz has no direct exposure to the alleged Madoff scam. Elsina Ltd, whose ultimate beneficial owner is the Tchenguiz Family Trust, which is advised by Vincent Tchenguiz’s Consensus Business Group, has a 29.9% holding in Bramdean Alternatives Ltd (“Bramdean”). You list Bramdean’s possible loss separately and you are therefore, at the very least, double counting.

Bramdean announced on Friday 12th December that it “has two holdings that maintain trading accounts with Bernard L. Madoff Investment Securities LLC ("Madoff"), Defender Ltd. and Rye Select Broad Market XL Portfolio Ltd., representing approximately 9.5% of” Bramdean’s net asset value as at 31st October 2008 (US$220,245,659).

I assume that you have calculated that Elsina is exposed to 29.9% of 9.5% of US$220,245,659 – which is $6,256,077. However, as one invests in the shares of a company, not in its net asset value, even this calculation is spurious – a company’s losses are not attributable to individual shareholders.

Please amend your table accordingly.

life insurance broker said...

It's unbelievable. Financial advisors, hedge funds, investment banks - one would expect people in charge of these institutions are highly experienced on the financial market, able to see all tricks and cheats. And still, they are trapped in such primitive Ponzi scheme...
I think the financial losses are not so important, the loss of clients' confidence is much more serious...
Regards,
Lorne

Anonymous said...

I am looking to start a list of retired or close to retirement aged individuals who lost their humble life savings like our parents. They had simply invested in an IRA, were not recieving the inflated, suspicious returns that are being covered in the papers. If anyone knows of such list, please contact me. Thank you.
Therese FitzMaurice
t_keslin@hotmail.com