Madoff’s Victims

The fallout from Bernard Madoff’s alleged Ponzi scheme reverberated around the world as the list of investors facing losses widened. Among the biggest losers were charities, hedge funds, and banks in Europe and Asia. Below, see some of the most exposed investors and sort by the amount of potential losses. –Updated 12/26/08


Amount of Exposure
Fairfield Greenwich Advisors
An investment management firm
More than half of Fairfield Greenwich’s $14.1 billion in assets under management, or about $7.5 billion was connected to Madoff.
Tremont Group Holdings
Asset management firm
The investment firm is owned by OppenheimerFunds and Massachusetts Mutual Life Insurance Co. Tremont’s Rye Investment Management business had $3.1 billion invested, and its fund of funds group invested another $200 million.
Banco Santander
Spanish bank
In euros, the figure is 2.33 billion.Of that, 2.01 billion euros belongs to institutional investors, Optimal Strategic hedge fund investors (international private banking customers); 320 mllion euros belongs to other private banking customers.
Bank Medici
Austrian bank
The bank had two funds with $2.1 billion (1.5 billion euros) invested with Madoff. Bank Medici is 25% owned by Unicredit SpA and 75% owned by chairwoman Sonja Kohn.
Ascot Partners
A hedge fund founded by billionaire investor, philanthropist and GMAC chief J. Ezra Merkin
The hedge fund had $1.8 billion under management as of Sept. 30, had substantially all of its assets invested with Mr. Madoff.
Access International Advisors
A New York-based investment firm
The investment-advisory firm’s co-founder Thierry Magon de La Villehuchet, 65, was found dead in his Manhattan office on Dec. 24, 2008, in an apparent suicide.
Dutch bank
Fortis Bank and its subsidiaries have no direct exposure to Bernard Madoff Investment Securities LLC, but parts of the group do have a risk exposure to certain funds it provides collateralized lending to. If, as a result of the alleged fraud, the value of the assets of these funds is nil and the respective clients cannot meet their obligations, Fortis Bank Nederland (Holding) N.V.’s loss could amount to around EUR 850 million to EUR 1 billion. The continuity of Fortis Bank Nederland (Holding) N.V.and its subsidiaries is not at stake in any way.
Union Bancaire Privee
Swiss bank
The bank’s exposure to Madoff — less than 1.26 billion Swiss francs — is less than 1% of overall bank assets.
British bank
HSBC provided financing to a small number of institutional clients who invested in funds with Madoff; some clients in its global custody business have invested with Madoff, but the company doesn’t believe these arrangements should be a source of exposure to the group.
Natixis SA
A French investment bank
The company says it didn’t make direct investment in Madoff-managed funds; some investments made on behalf of customers could have ended up being managed by Madoff. Exposure is about 450 million euros.
Carl Shapiro
The founder and former chairman of apparel company Kay Windsor Inc., and his wife
Mr. Shapiro, a 95-year-old apparel entrepreneur and investor, had $545 million with Mr. Madoff, creating what could become the largest personal loss yet in the scandal. A spokeswoman for the family confirmed that Mr. Shapiro’s charitable foundation, the Carl and Ruth Shapiro Family Foundation, invested $145 million with Mr. Madoff. Mr. Shapiro and his family had an additional $400 million or more invested with Mr. Madoff. Mr. Shapiro, a widely respected philanthropist, was one of Mr. Madoff’s earliest and largest investors.
Royal Bank of Scotland Group PLC
British bank
The bank had exposure of about 400 million pounds to Madoff through trading, collateralized lending.
BNP Paribas
French bank
The company said it has no investment of its own in Madoff-managed hedge fund but it does have risk exposure (up to 350 million euros) through its trading business and collateralized lending to funds of hedge funds.
Spanish bank
The company reiterated it doesn’t have direct exposure to Madoff but would face losses of 300 million euros if Madoff funds were found not to exist.
Man Group PLC
A U.K. hedge fund
Invested in funds directly/indirectly sub-advised by Madoff Securities
Reichmuth & Co.
A Swiss private bank
The Lucerne-based private bank warned investors that around 385 million Swiss francs, or 3.5% of its assets under management, were affected.
Nomura Holdings
Japanese brokerage firm
The 27.5 billion yen exposure is through Fairfield Sentry; That amount represents 0.2% of assets under management.
Maxam Capital Management
A fund of funds based in Darien, Connecticut
The fund reported a combined loss of $280 million on funds they had invested.
A European investment manager with about $11 billion in assets
The European investment manager with about $11 billion in assets. Overall, EIM assets at risk are less than 2% of what it manages.
French insurance giant
Exposure is well below 100 million euros.
UniCredit SpA
Italian Bank
The company’s total exposure is about 75 million euros. Dublin-based Pioneer Alternative Investments is indirectly exposed to Madoff via feeders; Italian clients have zero exposure.
Nordea Bank AB
Swedish Bank
The amount of exposure is about 48 million euros.
A Swiss private bank owned by St. Galler Kantonalbank
Hyposwiss said roughly 0.1% of its overall assets was invested in Madoff products through managed accounts. Another $100 million is exposed through clients who chose to invest in Madoff funds. St. Galler Kantonalbank said its financial situation and liquidity aren’t hurt by Hyposwiss’ exposure.
Banque Benedict Hentsch & Cie. SA
A Swiss-based private bank
Banque Benedict Hentsch said its clients have 56 million Swiss francs at risk. Benedict Hentsch had also recently agreed to merge with Fairfield Greenwich Group, a major Madoff distributor. When the news of Mr. Madoff’s arrest broke, it scrambled to undo that deal.
Fairfield, Conn.
town pension fund
The town’s employees board and police and fire board, which cover 971 workers, had $41.9 million invested with Madoff, said Paul Hiller, Fairfield’s chief fiscal officer.
Bramdean Alternatives
An asset manager
The exposure is about 9.5% of assets.
Jewish Community Foundation of Los Angeles
The largest manager of charitable gift assets for Los Angeles Jewish philanthropists
The amount invested with Madoff represented less than 5% of the Foundation’s assets.
Harel Insurance Investments & Financial Services Ltd.
Israel-based insurance firm
Baloise Holding AG
Swiss insurer
Societe Generale
French Bank
The company says its exposure, which is less than 10 million euros, is “negligible.”
Groupama SA
French insurer
Exposure is around 10 million euros.
Credit Agricole SA
French bank
Exposure is less than 10 million euros.
Richard Spring
individual investor
A Boca Raton resident and former securities analyst, says he had about 95% of his net worth invested with Mr. Madoff. Mr. Spring said he was also one of the unofficial agents who connected Mr. Madoff with dozens of investors, from a teacher who put in $50,000 to entrepreneurs and executives who would put in millions.
RAB Capital
hedge fund
Banco Popolare
Italian bank
The company says it had indirect exposure of up to 8 million euros; maximum lost on funds distributed to institutional, private clients is about 60 million euros.
Korea Teachers Pension
A 10 trillion won Korean pension fund
Swiss Life Holding
Swiss insurer
Swiss Life said it has indirectly invested assets worth around 90 million Swiss francs through funds of funds managed by Madoff Investment Securities.
North Shore-Long Island Jewish Health System
health system
Exposure represents less than 1% of the health system’s investment portfolio. A donor agreed to reimburse the system for any losses.
Neue Privat Bank
Swiss bank
The bank invested in a certificate based on a hedge fund with exposure to Madoff
Clal Insurance Enterprise Holdings
An Israel-based financial services company
Ira Roth
individual investor
Mr. Roth, a New Jersey resident, says his family has about $1 million invested through Mr. Madoff’s firm.
Mediobanca SpA
via its subsidiary Compagnie Monegasque de Banque.
Limited to $671,000 via its Compagnie Monegasque de Banque. via its subsidiary Compagnie Monegasque de Banque.
Fred Wilpon
owner of New York Mets
Steven Spielberg
The Spielberg charity — the Wunderkinder Foundation
JEHT Foundation
A New York foundation focused on electoral and criminal justice reform
The foundation, which stands for Justice, Equality, Human dignity and Tolerance, will close its doors at the end of January 2009. Major donors Jeanne Levy-Church and Kenneth Levy-Church had all their funds managed through Madoff.
Mortimer B. Zuckerman Charitable Remainder Trust
The charitable trust of real-estate magnate, who owns the Daily News and U.S. News & World Report
Funds exposed represented 11% of the value of that charitable trust.
Robert I. Lappin Charitable Foundation
A Massachusetts-based Jewish charity
The group, which financed trips for Jewish youth to Israel, was forced to close on Friday because the money that supported its programs was invested with Madoff.
Chais Family Foundation
A charity that gives away about $12.5 million annually to Jewish causes
The California-based charity group invested entirely with Madoff, and was forced to shut down operations on Sunday after years of donating some $12.5 million annually to Jewish causes in Israel and Eastern Europe.
KBC Group NV
Belgian banking and insurance group
No direct exposure; some indirect exposure through collateralized loans, but the exposure is very limited and immaterial to KBC’s earnings. KBC has also made some loan advances to institutional customers who have invested in funds managed by Madoff Investment Securities, but this shouldn’t have any material impact either, the company said.
Barclays PLC
British bank
The bank says it has “minimal” exposure” and is “fully collateralized”
French bank
No direct investments in funds managed by Madoff,; private banking clients have total exposure of EUR78 million to funds primarily invested in Madoff funds. Indirectly, Dexia is exposed through partially collateralized lending operations to funds exposed to Madoff funds for a gross amount of EUR164 million. If the assets managed by Madoff Investment Securities were nil, the above mentioned lending operations could trigger an after tax loss of about EUR85 million for Dexia.
Allianz Global Investors
The asset management unit of German insurer Allianz SE
The unit says exposure “is not significant.”
Banco Espanol de Credito SA (Banesto)
A Spanish bank contolled by Banco Santander
Its clients have a total 2 million euro exposure; The amount is included in the 2.33 billion euros already disclosed by parent company Banco Santander.
CNP Assurances
French insurer
No direct exposure. Indirect exposure of 3 million euros via a fund of funds
Swiss bank
The bank says is has “no material exposure.” It declined to comment on press reports that its funds-of-funds for clients had $1.4 billion in exposure
Yeshiva University
A New York-based private university
Although the university had “no direct investments” in Madoff’s firm, a portion of its endowment had been invested for 15 years with Ascot Partners, which had “substantially all its assets invested with Madoff.” Yeshiva’s investment represents about 8% of its endowment. J. Ezra Merkin had been a University trustee but has resigned in the wake of the scandal.
The Elie Wiesel Foundation for Humanity
The charitable foundation of Nobel laureate
The foundation said it invested “substantially all” of its assets.
Leonard Feinstein
The co-founder of retailer Bed Bath & Beyond
Sen. Frank Lautenberg
The charitable foundation of the New Jersey Senator’s family
Norman Braman
former owner of Philadelphia Eagles
Jeffrey Katzenberg
The chief executive of DreamWorks Animation SKG Inc.
Mr. Katzenberg’s financial affairs along with those of Mr. Spielberg were managed by Mr. Breslauer, Mr. Katzenberg has suffered millions in Madoff-connected losses, say people familiar with the matter.
Gerald Breslauer
The Hollywood financial advisor to Steven Spielberg and Jeffrey Katzenberg
Along Messrs Katzenberg and Spielberg, Mr. Breslauer himself has likely sustained heavy losses in the Madoff affair. He customarily invests alongside his clients, say these people, and has sometimes been a larger investor than the people he represented
Kingate Management
hedge fund
Kingate’s $2.8 billion hedge fund Kiingate Global Fund reportedly invested heavily with Madoff
Julian J. Levitt Foundation
Texas-based charity
Loeb family
Lawrence Velvel
individual investor
Mr. Velvel is dean of the Massachusetts School of Law
Fix Asset Management.
hedge fund
reportedly invested heavily in Madoff’s portfolios
Genevalor, Benbassat & Cie.
money manager in Geneva
Members of the Benbassat family, which run the firm, have long known Mr. Madoff. In a statement on its Web site, Genevalor said it “has been reviewing the potential damages caused to its clients” by the alleged Madoff fraud. A statement from the Thema fund said it had assets with Madoff that were now frozen, but did not elaborate.
Banco Espirito Santo
Portugese bank
The amount represents about 0.1% of assets under management.
Great Eastern Holding
Singapore insurer
Great Eastern said S$7.7 million of its S$64 million exposure is invested from its Life Fund. Great Eastern is 87% owned ny Oversea-Chinese Banking Corp.
M&B Capital Advisers
Spanish brokerage
The firm is run by the son and son-in-law of the chairman of Banco Santander. Through M&B, private and institutional investors bought more than $214 million in Madoff’s funds.
Royal Dutch Shell pension fund
Global energy and petrochemical company
The pension fund fund has an indirect investment that may be affected. The fund originally invested $45 million. The alleged fraud won’t affect the financial position and funding status of the fund.
Phoenix Holdings
Israeli financial services company
Phoenix’s insurance unit invested $15 million over the last three years in funds managed by Thema, which made investments through Madoff. In November, the company requested to redeem $10 million. The payment was due Dec. 12 but Phoenix hasn’t received it.
Peruvian financial services company
Credicorp’s Atlantic Security Bank unit has $1 million in direct exposure and up to $3.5 million in potential contingencies “related to transactions secured by these investments.”
Fukoku Mutual Life Co.
Japanese insurer
The company said it holds similar investments trusts to those held by Sumitomo Life Insurance Co. but declined to specify the balance. Sumitomo disclosed that it has about 2 billion yen, or about $22 million, exposed via trusts.
New York Law School
law school in New York City
The school invested the money through its endowment entity. The school filed an investor lawsuit against J. Ezra Merkin, Ascot Partners and BDO Seidman.
Nipponkoa Insurance
Japanese insurer
The company said it holds similar investments trusts to those held by Sumitomo Life Insurance Co. but declined to specify the balance. Sumitomo disclosed that it has about Y2 billion exposed via trusts.
Sumitomo Life Insurance Co.
Japanese insurer
Sumitomo Life didn’t invest directly in the Madoff fund but part of its investment trust holdings were linked to it.
Swiss Reinsurance Co.
Swiss insurer
Indirect exposure, less than $3 million, is through hedge fund investments; no direct exposure.
Aozora Bank Ltd
Japanese lender
Aozora entrusted 12.4 billion yen to investment funds, which invested with Madoff. Cerberus Capital Management LP owns a majority stake in Aozora.
UBI Banca
Italian bank
The bank said the exposure is linked to proprietary investments. UBI Pramerica and Capitalgest Alternative Investments, the assets-under-management units, have no exposure.
Taiyo Life Insurance Co.
Japanese insurer
Taiyo Life didn’t invest directly in the Madoff fund.
Caisse d’Epargne
French bank
Caisse d’Epargne said EUR1 million was for Caisse Nationale des Caisses d’Epargne, the central hub, and “under EUR7 million” was from its regional level. Natixis reported exposure around EUR450 million on Dec. 15.
J. Gurwin Foundation
$28 million charity invested heavily in Madoff funds. Gurwin said, “We got a body blow. We did not get killed.”
EFG International
Swiss private bank
EFG clients have $130 million invested in Madoff through third-party funds sold by EFG. In addition, 0.3% of the bank’s total invested assets, held in custody, are invested in Madoff.
Fire and Police Pension Association of Colorado
Pension fund
Fund, with $2.5 billion under management, had $60 million invested with Fairfield Greenwich until six months ago
International Olympic Committee
Olympic organizer
The IOC’s exposure represents about 1% of its total investment portfolio. Organizing committee confirmed they will be able to meet their obligations.
Support Organization for the Madison Cultural Arts District
Wisconsin cultural organization
$18 million invested with Fairfield Greenwich until September. A spokesman for the Overture Center in Madison, Wis., built with SOMCAD funds, said, “Speculation that SOMCAD could be on the hook is not outlandish.”
Credit Industrial et Commercial
French financial-services group
The bank has no direct exposure to Madoff but could be affected through an intermediary.
U.S. women’s zionist organization
United Association Plumbers & Steamfitters Local 267 in Syracuse
Local union pension and health care funds
The union is still trying to determine the extent of its losses. Its investments with Mr. Madoff go back 15 years.
Ramaz School
A Jewish school in New York
Congregation Kehilath Jeshurun
A synagogue in New York
The Maimonides School
A Jewish day school in Brookline, Mass.
The school did not directly invest with Madoff, but the school was the sole beneficiary of a trust that lost about $3 million.
Yad Sarah
An Israeli nonprofit
With a $21 million budget in 2008, Yad Sarah likely won’t expand operations or develop any new services or projects in 2009.
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Sources: WSJ reporting; Associated Press; the companies and charities

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