Saturday, 23 July 2016
Last updated 1 day ago
Feb 4 2009 | 1:51am ET
Authorities in Luxembourg announced plans to liquidate a Bernard Madoff-scarred hedge fund whose CEO was found dead, an apparent suicide, in December.
The Commission de Surveillance du Secteur Financier said yesterday that it would ask a court to liquidate Access International Advisors’ LuxAlpha Sicav-American Selection Fund. The hedge fund had all of its US$1.4 billion invested with Bernard L. Madoff Investment Securities, which authorities say was a US$50 billion Ponzi scheme.
The CSSF took LuxAlpha off of its list of official funds, which bars all payments to clients. The decision becomes official in a month, when the regulator will ask a court to liquidate LuxAlpha. The hedge fund has already been sued by several investors.
“LuxAlpha Sicav doesn’t comply anymore with all the rules governing the organization and functioning of” funds in the Grand Duchy, the CSSF said in a statement.
Rene Thierry Magon de La Villehuchet, the CEO of Access International, was found dead in his New York office two days before Christmas. Authorities believe de La Villehuchet took his own life.