A French finance chief who stood to lose more than one billion euros of clients’ money as a result of the Madoff fraud has apparently killed himself in New York.
Thierry Magon de la Villehuchet was the cofounder of a company called Access International which apparently fed funds into Madoff’s pyramid-type savings scheme. He was found dead at his Manhattan apartment with his wrists cut. Just a short distance away Bernard Madoff is being held under house arrest. Friends said the French national had been working day and night to try to recover his clients’ money amid a scandal which could cost investors worldwide nearly 40 billion euros. One retired investor who estimates she has personally lost more than a million euros is suing the US Securities and Exchange commission for failing to spot the risks Madoff was taking. As the former Nasdaq chief, and a much respected figure on Wall Street, it was said that everyone was keen to invest in his Ponzi scheme, which paid high rates of interest out of new investors money rather than real profits. Its collapse reverberated around the globe. One of the worst hit European banks,- Spain’s Santander – estimates it has lost 2.4 billion euros.