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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.
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SAN JOSE, Costa Rica, Feb. 13 (UPI) --
A 6.1-magnitude earthquake shook Costa Rica Monday and could be felt as far away as Panama, officials said.
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NEWARK, N.J., Feb. 13 (UPI) --
A funeral is being planned for songstress Whitney Houston in her hometown of Newark, N.J., later this week, sources close to her family told NBC New York.
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PORTLAND, Maine, Feb. 13 (UPI) --
So-called tar sands oil from Canada is "much, much worse" for the environment than conventional crude oil, a Maine environmental advocate said.
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NEWPORT, R.I., Feb. 13 (UPI) --
Lottery officials said Monday the winning $336.4 million Powerball ticket was sold at a Rhode Island convenience store, but the winner had yet to come forward.
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