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.