Madoff associate found dead

NEW YORK, Dec. 23 (UPI) -- An investor who put at least $1.4 billion in the hands of alleged Ponzi scheme operator Bernard Madoff appears to have committed suicide Tuesday, police say.

ABC reported Tuesday that investment fund manager Thierry Magon de La Villehuchet was found dead in his New York City office at Access International Advisors.

De La Villehuchet, 65, reportedly committed his own money to Madoff with 150 percent leverage, meaning his potential losses were greater than his actual wealth.

His company's LUXALPHA SICAV-American Selection fund invested solely with Madoff. The fund is among those being investigated by federal authorities.

Madoff, a former chairman of NASDAQ, is accused of running a decades-long Ponzi scheme that defrauded investors of $50 billion dollars.

Pappers filed with the U.S. Securities and Exchange Commission in January 2008 indicate that Bernard Madoff Investment Securities had between 11 and 25 clients for the fiscal year ending October 2007, and managed about $17 billion in assets in 23 different accounts.

A classic Ponzi scheme produces no revenues, but pays off earlier investors with money invested later in the scam.