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UPDATED: List Of Victims Of Madoff's Alleged Ponzi Scheme

[Feb. 5, 2009 -- If you are looking for the list of Bernard Madoff victims released today by the trustees, you can find it here: Trustees Release List Of Madoff Victims]

Original Post From Dec. 31, 2008 

This is a partial list of Bernard Madoff's investors who have reportedly lost money in Madoff's alleged investment scam.  Total losses are estimated to be about $50 billion, which would make it the largest Ponzi scheme in history. Where available, the amount estimated to be lost by each investor is included. This table will be updated as new information becomes available.  (Last Updated 3pm ET)

*Please note that some of the individuals and charities may have invested through funds, such as Ascot Partners, so there may be some double-counting going on.

Madoff investor investor type potential exposure source
Fairfield Sentry (Fairfield Greenwich Group) (Madoff feeder fund) alternatives firm $7.5 billion firm statement
FIM Ltd. (Kingate funds manager) money manager $3.5 billion media reports
Grupo Santander bank $3.5 billion El Pais
Rye Investment Management (Tremont Group) (Madoff feeder fund) hedge fund $3.1 billion Bloomerg News
Kingate Management (Madoff feeder fund) alternatives firm $2.8 billion Bloomerg
Bank Medici of Austria bank $2.1 billion Bloomberg
Ascot Partners (Madoff feeder fund) hedge fund $1.8 billion Wall Street Journal
Access International Advisors hedge fund $1.4 billion Bloomberg
Fortis Bank Nederland bank $1.35 billion firm statement
HSBC bank $1 billion firm statement
J.P. Jeanneret Associates investment adviser $946 million Syracuse Post-Standard
Benbassat & Cie bank $935 million Le Temps
Union Bancaire Privee bank $846 million Le Temps
Natixis bank $600 million Bloomberg
Royal Bank of Scotland bank $600 million published reports
Sterling Equities investment firm $500 million New York Post
BNP Paribas bank $475.3 million Bloomberg
BBVA bank $404 million Reuters
Fix Asset Management alternatives firm $400 million firm statement
Carl and Ruth Shapiro individuals $400 million WSJ
RMF (Man Group) alternatives firm $360 million firm statement
Reichmuth Matterhorn bank $330 million Bloomberg
Normal Holdings . $302 million StreetInsider.com
Pioneer Alternative Investments alternatives firm $280 million Bloomberg
Maxam Capital Management (Madoff feeder fund) fund of hedge funds $280 million WSJ
EIM Group bank $230 million Le Temps
Ira Rennert individual $200 million FINalternatives
Bank Austria bank $192.1 million Der Standard
Tremont Capital Management (Tremont Group) fund of hedge funds $190 million firm statement
M&B Capital Partners money manager $187.9 million El Mundo
Jerome Fisher (Nine West founder) individual $150 million media reports
Carl and Ruth Shapiro Family Foundation charity $145 million Boston Globe
Yeshiva University university endowment $140 million Bloomberg
Aozora Bank bank $137 million firm statement
AXA insurer less than $135 million Reuters
Credit Mutuel bank $124 million Bloomberg
Dexia bank $106.9 million firm statement
UniCredit financial firm $100 million Bloomberg
Hadassah charity $90 million JTA
Unione di Banche Italiane bank $84.9 million Bloomberg
Nordea bank $65 million Reuters
Hyposwiss bank $50 million Reuters
Korea Life Insurance Co. insurer $50 million Yonhap News
Banque Benedict Hentsch bank $47.5 million firm statement
Royal Dutch Shell pension $45 million Reuters
Great Eastern Holdings bank $43.9 million Reuters
Town of Fairfield, Conn. pension fund $42 million Associated Press
Royal Bank of Canada bank $40.4 million Globe and Mail
Wolosoff Foundation charity $38 million FINalternatives
Bramdean Asset Management alternatives firm $31 million WSJ
family of Sarah Chew family office $30 million Time
Mortimer B. Zuckerman Charitable Remainder Trust (New York Daily News owner's charity) charity $30 million CNBC
Arthur I. and Sydelle F. Meyer Charitable Foundation charity $29.2 million Palm Beach Post
Sumitomo Life Insurance Co. insurer $22 million Bloomberg
Madoff Family Foundation charity $19 million WSJ
Los Angeles Jewish Community Foundation charity $18 million Jewish Journal
KSM Capital Advisors investment firm $15 million Indianapolis Business Journal
The Phoenix Holdings insurer $15 million firm statement
Harel Insurance Investments and Financial Services insurer $14.2 million firm statement
Alicia Koplowitz individual $13.7 million Europa Press
Groupama insurer $13.6 million firm statement
Societe General financial institution less than $13.5 million Reuters
Baloise insurer $13 million Reuters
Lautenberg Family Foundation charity $12.8 million media reports
Kas Bank bank $12.3 million firm statement
Massachusetts Pension Reserves Investment Management pension $12 million Reuters
Mitsubishi UFJ FInancial Group financial institution $11 million Bloomberg
Richard Spring individual $11 million WSJ
Hampshire County Council pension $10.7 million IPE
RAB Capital hedge fund $10 million Reuters
Richard Roth individual $10 million FINalternatives
United Jewish Endowment Fund cahrity less than $10 million JTA
Korea Teachers Pension pension $9.1 million statement
Robert I. Lappin Charitable Foundation charity $8 million Washington Post
Michael Roth individual $7.5 million FINalternatives
Chais Family Foundation charity $7 million WSJ
Jewish Federation of Greater Los Angeles charity $6.4 million media reports
Technion-Israel Institute of Technology university $6.4 million Globes
Vincent Tchenguiz individual $6.3 million FINalternatives
The Ramaz School school $6 million FINalternatives
Irwin Kellner (named plaintiff on first lawsuit against Madoff) individual $6 million lawsuit
Julian J. Levitt Foundation charity $6 million WSJ
Stony Brook University Foundation university endowment $5.4 million Bloomberg
David Berger individual $5 million FINalternatives
Maimonides School (Boston) school $5 million Bloomberg
Neue Privat Bank bank $5 million Bloomberg
North Shore-Long Island Jewish Health System pension fund $5 million statement
Congregation Kehilath Jeshurun (New York) synagogue $3.5 million Bloomberg
Dorset County Pension Fund pension $3.5 million LocalGov.co.uk
Caja Madrid bank $3.1 million Cinco Días
Merseyside Pension Fund pension $3 million media reports
New York Law School law school $3 million lawsuit
Roger Peskin individual $3 million AP
Swiss Reinsurance Co. reinsurer less than $3 million firm statement
Global Specialised Opportunities 1 Bermuda-listed fund $2.8 million fund statement
Banca March bank $2.7 million Cinco Días
American Friends of Yad Sarah charity $1.5 million JTA
Caisse des dépôts et consignations government-owned bank $1.38 million Bloomberg
Robert and Sarah Chew individual $1.2 million Time
SAR Academy (New York) school $1.2 million Bloomberg News
Harold Roitenberg individual $1 million Minneapolis Star-Tribune
Ira Roth individual $1 million WSJ
Arnold and Joan Sinkin individuals $1 million The Guardian
Steven Abbott individual less than $1 million WSJ
Allegretto Fund hedge fund $790,000 firm statement
Clal Insurance insurer $778,800 firm statement
Mediobanca bank $671,000 firm statement
Allianz Global Investors bank n/a Citywire
Austin Capital Management fund of hedge funds n/a Reuters
AWD financial services provider n/a Citywire
Kevin Bacon and Kyra Sedgwick (actors) individuals n/a New York magazine
Banco Popolare bank n/a MarketWatch
Banesto bank n/a Reuters
Ed Blumenfeld (Long Island real estate developer) individual n/a Long Island Business News
Norman Braman (former Philadelphia Eagles owner) individual n/a WSJ
Chair Family Foundation charity n/a FINalternatives
Engelbardt family family office n/a Variety
Erste Bank bank n/a Der Standard
Fair Food Foundation charity n/a Crain's Detroit Business
Leonard Feinstein (Bed Bath & Beyond co-founder) individual n/a Newark Star-Ledger
Stephen Fine individual n/a Reuters
Barbara Flood individual n/a National Public Radio
Foundation for Humanity (Elie Wiesel's charity) charity n/a WSJ
Avram and Carol Goldberg (Stop n Shop founders) individuals n/a Reuters
Joyce Z. Greenberg individuals n/a Houston Chronicle
Gutmann bank n/a Citywire
members of the Hillcrest Country Club (St. Paul, Minn.) individuals n/a Star-Tribune
INTAC Global Preservation Hedge Portfolio (via Rye Investment Management) fund of hedge funds n/a fund documents
JEHT Foundation charity n/a statement
Henry Kaufman (former chief economist at Salomon Brothers individual n/a WSJ
KBC bank n/a firm statement
Knowsley MBC pension n/a LocalGov.co.uk
Last Atlantis Capital Managament fund of hedge funds n/a fund documents
Kenneth and Jeanne Levy-Church (donors to Fair Food and JEHT foundations) individuals n/a Jewish Journal
Leonard Litwin individual n/a Bloomberg
Liverpool City Council pension n/a LocalGov.co.uk
LLBW bank n/a Citywire
Loeb family family office n/a CNBC
Mirabaud & Cie bank n/a Le Temps
The Moriah Fund charity n/a FINalternatives
MorseLife charity n/a Palm Beach Post
Nomura bank n/a WSJ
Notz, Stucki & Cie bank n/a Le Temps
members of the Oak Ridge Country Club (Hopkins, Minn.) individuals n/a Star-Tribune
Optimal Investment Services (Grupo Santander) alternatives firm n/a Bloomerg
Palm Beach Country Club country club n/a CNBC
Eric Roth (screenwriter) individual n/a Los Angeles Times
St. Helens MBC pension n/a LocalGov.co.uk
Sefton MBC pension n/a LocalGov.co.uk
SNL Reaal Groep financial services firm n/a Bloomberg
family of former New York Gov. Eliot Spitzer individuals n/a Clusterstock.com
Symphony Fund (via Pioneer Alternative Investments) fund of hedge funds n/a fund documents
Thema (Madoff feeder fund) hedge fund n/a media reports
Jeff Tucker (Stone Bridge horse farm owner, Fairfield Greenwich Group founding partner) individual n/a WNYT television
Thyssen family family office n/a Clusterstock.com
UBS bank n/a Reuters
Lawrence Velvel (dean, Massachusetts Law School) individual n/a WSJ
Wilpon family (New York Mets owner) family office n/a WSJ
Wunderkinder Foundation (Steven Spielberg's charity) charity n/a WSJ

Do you know of more victims? Please let us know in a comment below, or send us a note in our Contact Form.


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Anonymous - at 18:26 14 December, 2008

Barbara Flood (sp???). She used to be a model and has lost it all.

Daisy Ng - at 01:29 15 December, 2008

Do you mean 'Total losses are estimated to be about $50 BILLION'?

Ted Michael Morgan - at 03:59 15 December, 2008

That is what they have to mean! Thanks for posting the correction.

Anonymous - at 06:09 15 December, 2008

Pioneer lost a further c$500m in Primeo Select Fund, so their total loss is around the $750m mark. Some of the losses above are double counting, as end investors had invested in Madoff via Fairield, Kingate, etc. Therefore the figures that these companies are quoting is actually the exposure through their vehicle, but a vast chunk of the money is client assets, not proprietary capital. A lot of banks have not owned up on their losses yet...

Anonymous - at 06:44 15 December, 2008

Daily News publisher Mort Zuckerman is the latest billionaire revealed to have fallen prey to ponzi schemer Bernie Madoff. -- WSJ

Anonymous - at 06:45 15 December, 2008

- Steven Spielberg's charity, the Wunderkinder Foundation, derived "roughly 70 percent of [its] interest and dividend income" from Madoff as of 2006 and has confirmed it suffered losses on its Madoff investments.

- Holocaust survivor Elie Wiesel's Foundation for Humanity lost money.

Anonymous - at 09:23 15 December, 2008

(JTA) The Technion-Israel Institute of Technology was among Madoff's clients and was affected, but the university is not yet sure how deeply it was cut.

"Our accountant is trying to figure out all of the facts. Technion definitely was a client of Bernard Madoff," a spokesman for the Technion told JTA.
"At this point, we just don’t really have all the details."

Anonymous - at 10:01 15 December, 2008

You really should be checking on individual friends of Madoff and his children to see if they got their money back while no one was looking.

Anonymous - at 10:43 15 December, 2008

Nordea - Bank - €48m
http://www.reuters.com/article/marketsNews/idUSSAT00594020081215

George Shaw - at 11:16 15 December, 2008

The Nordic region's biggest bank, Nordea (NDA.ST: Quote, Profile, Research, Stock Buzz), said on Monday it had an indirect exposure of 48 million euros ($65 million) to the alleged $50 billion fraud by Wall Street trader Bernard Madoff.

"It is not (an exposure) directly to him, but through a fund called Fairfield Sentry," Nordea spokeswoman Helena Ostman said.

"We have the following exposure, for the group, of 48 million euros, which we want to stress is an extremely marginal exposure."

It was not yet clear if entire amount might be lost, she added.

Swedish rival SEB (SEBa.ST: Quote, Profile, Research, Stock Buzz) said separately that it had no exposure to Madoff.

Anonymous - at 11:18 15 December, 2008

was there a mr menkin on the list

Deirdre Brennan - at 11:26 15 December, 2008

I think you mean J. Ezra Merkin, the chairman of GMAC Financial Services. His investment firm is Ascot Partners, which we list above.


Anonymous - at 13:13 15 December, 2008

Fortis Bank Netherlands 850mm - 1bn Euros ($1.2bn - $1.4bn).

Anonymous - at 13:13 15 December, 2008

Nomura = $306 mn

Art - at 14:43 15 December, 2008

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.Sourse FT.com

Anonymous - at 15:07 15 December, 2008

@10:01

My understanding is that a significant number of the funds investors were "close friends" of Madoff, so it seems unlikley.

Even if they did get the money back...they are going to have to surrender the profits back into the pot eventually anyway.

Anonymous - at 16:18 15 December, 2008

Oak Ridge Country Club (Hopkins, MN) and Hillcrest Country Club (St. Paul, MN).

Anonymous - at 16:54 15 December, 2008

is Michael Roth the CEO of IPG?

Anonymous - at 17:03 15 December, 2008

Tremont Group Holdings had $3.3 Billion invested w/ Madoff....Tremont's Rye Investment Management unit had $3.1 Billion or virtually all its assets. Tremont had another $200 million invested through its fund of funds group.
-Bloomberg

Anonymous - at 19:12 15 December, 2008

Silly me, I thought Ira Roth was a retirement account!

Anonymous - at 19:45 15 December, 2008

Amazing that Tremont just wrote to investors in mid November asking them to commit more capital to the strategy!

Anonymous - at 21:57 15 December, 2008

$1.2MM Robert Chew

$30MM His extended family

http://www.time.com/time/business/article/0,8599,1866398,00.html?xid=rss-business

Anonymous - at 23:17 15 December, 2008

Is that Richard Roth of Ivy-Hill Media Corp.?

Anonymous - at 23:26 15 December, 2008

Remember this was a Ponzi scheme. Those who got in early, probably got their investment capital back and then some, so some of those names on the list, probably didn't lose too much, when you add in all their income distributions over the years. In fact, if Bernie falsified their returns showing steady ROE even in down years, they may have come out better than they deserved, at the expense of the latecomers.

It's those who got in late that were truly hosed. I'm guessing the faceless fund of fund types with their billions were the ones truly screwed, the names at the top of this list.

JohnnyK - at 01:50 16 December, 2008

I REALLY HOPE THEY FIND OUT THE LOSS WAS A HOAX. AT 70 I THINK HE JUST MAY HAVE WANTED TO SHOW EVERYONE HOW UN-REGULATED HEDGE FUNDS ARE AND WHAT THEY NEED.

Anonymous - at 06:20 16 December, 2008

Anonymous at 6.09a.m, 15th December - I know that's you Barker

Anonymous - at 07:19 16 December, 2008

Is Legg Mason on the list?

Anonymous - at 08:01 16 December, 2008

No, but I also heard they were hit for a good few millions.

Anonymous - at 08:18 16 December, 2008

Anonymous - at 06:20 16 December - Knotty actually

Anonymous - at 08:51 16 December, 2008

Wow, what a list! How could he have said there were only 24 investors in the fund? How could the SEC actually buy that line?

Anonymous - at 08:52 16 December, 2008

Looking at the Rye (Tremont) paperwork it looks like they basically just borrowed money and invested in Bernie. Which raises two questions: 1. Since when is borrowing money considered "skill" on which it is legitimate to charge a management fee? 2. Who lent them the money? (Which bank is on the hook for two thirds of the loss.)

Anonymous - at 08:54 16 December, 2008

@8:52 -- good point.Wasn't Tremont supposed to be one of the best funds of funds out there? They were basically having someone else manage the money and they were taking fees from their investors.

Also, is it true that Madoff didn't charge a management fee? Is that why these funds invested with him?

Anonymous - at 10:15 16 December, 2008

People who got in early may have done very well but they thought they were receiving an allowance, not their capital. Likely they spent it, or reinvested it with him.

DLoew - at 10:24 16 December, 2008

Yeshiva University is reporting $140 MM exposure

Deirdre Brennan - at 10:26 16 December, 2008

Thanks! We've got a few more names and will be updating the list soon.

~ Deirdre


ccs - at 11:21 16 December, 2008

I believe Austin Capital's exposure to be ~7% of firm assets.

Deirdre Brennan - at 11:29 16 December, 2008

I just sent out an email to 20,000 FINalternatives readers asking if they know of any more victims, and I have already gotten at least 20 emails.

Please bear with us while we sort through those and other sources. An updated list will be appearing late this afternoon, so check back then.

And keep the tips coming!

Thx,
Deirdre
Publisher, FINalternatives


Anonymous - at 11:40 16 December, 2008

Believe Bernie was also a member of Old Oaks in Westchester and Glenn Oaks in Long Island. Both high end country club communities involved with substantial charitable giving and whose members probably had close ties with him.

Anonymous - at 11:55 16 December, 2008

Guys, you all have to remember that many of these investors were invested via the ''Feeder Funds'' (ie. Ezra Merkin --Ascot Fund, etc.) As such, it's virtually impossible to confirm these figures accurately at this point....

Deirdre Brennan - at 12:03 16 December, 2008

@ 11:55 -- This is true. There is no doubt a lot of double counting, and it is impossible to know the true figures at this point. We have decided to list anyone we find that has been affected. In two weeks we can look back and hopefully make some sense out of the direct investors and the sub-investors.

~Deirdre


Anonymous - at 12:07 16 December, 2008

Ed "Blumenthal" Real Estate Developer is Ed BlumenFELD-- not "thal"

Anonymous - at 12:11 16 December, 2008

the reichmuth number is a lot higher than that. $330m. think you're missing a 0

Anonymous - at 12:39 16 December, 2008

Won't the people who got in early (i.e. Carl Shapiro) have to give back $$millions of "ill-gotten gains" that they have already spent since it was really other people's money?

Anonymous - at 12:41 16 December, 2008

Many of these "losses" are based on what people thought they had earned, not the money they actually put in

Anonymous - at 13:01 16 December, 2008

There may well have been only 24 investors in the fund. What he probably means (if he is to be believed) is that there were 24 feeder vehicles into Madoff's trading strategy (scam). These feeders will have had hundreds, if not thousands of investors. What the SEC need to get a grip on is who had the feeder funds, how much were in those, and who the investors were into the feeders. Does anyone know anything about a fund called theta that was also a feeder into madoff??? Who ran this fund?

Anonymous - at 13:03 16 December, 2008

According to the Syracuse, NY Post-Standard:

http://www.syracuse.com/poststandard/stories/index.ssf?/base/business-14/1229162375125670.xml&coll=1

a Syracuse-based investment advisor with $946 million under management (largely union pension plans) lost an unquantified amount with Madoff.

http://www.jpjassoc.com/

Anonymous - at 13:04 16 December, 2008

Anonymous - at 12:41 16 December, 2008
The losses may be based on what they thought the latest value was, not how much they invested, but this is how much the clients thought they had, and this is what the fees were charged on. What is going to happen to the millions in fees that have been collected over the years by the feeder vehicles?? Are these going to have to be repaid to clients as the feeders should have done their due diligence.

Anonymous - at 13:08 16 December, 2008

There was truly smoke here...I heard from a managing partner of a FOF that concluded 5 years ago that BM was a fraud, and that the FOF had notes of that due dilligence. Since that conclusion was plausible at that time, any exposure of $$$ is a testament of lack of due dilligence as well.

Anonymous - at 13:34 16 December, 2008

www.nantucketindependent.com/news/2008/0618/Property_Transfers/

June 9 -, 2008 ~ June 13, 2008
1.A house on 3.3 acres at 51 Wanoma Way sold to Mark Madoff and Stephanie Madoff of New York City, N.Y. from Frank L. Katz and Elise R. Katz of Boston, Mass. for $6,500,000. The property is assessed at $6,708,200.