A hedge supply head surface $1.4bn in losses from Bernard Madoff's record-breaking Wall Street humbug has been found depth in his Manhattan office, his wrists split and a grit of sleeping pills by his side. The marked suicide of René-Thierry Magon de la Villehuchet, who set up his own body after rising to become one of the most mighty Frenchmen on Wall Street, was discovered ahead yesterday morning.
Mr Madoff's memorable trick was uncovered less than two weeks ago, and investors around the the human race have been struggling to come through with losses that are estimated at $50bn. Charities that placed their endowments with the Wall Street battle-scarred have been phoney to fasten down, wealthy individuals from Mr Madoff's community circles in New York and Florida have been wiped out, and the coerce is being felt most steadily by the hedge subsidize managers who trusted their own fortunes and those of their clients to Madoff Investment Securities - only to chance that the corporation was, in Mr Madoff's words to the FBI, "all just one big lie". M. de la Villehuchet, 65, a departed make a beeline for of Credit Lyonnais Securities in the US, was the scion of an aristocratic French lineage who appeared as well-connected in Europe as Mr Madoff was in the US.
His hedge fund, Access International Advisors, enlisted intermediaries with links to the cream of Europe's elated culture to cache clients. Among them was Philippe Junot, a French businessman and alternative other who is the old mate of Princess Caroline of Monaco. Another was Prince Michel of the late Yugoslavia. On Monday night, M. de la Villehuchet told Access International's cleaning cane he wanted them out by 7pm so that he could chore late, then locked the door and placed a c orts gift-wrapping basked under his desk to captivate blood from his wrists.
Security pikestaff found him the next morning, still sitting at his desk, with a box-cutter on the flooring beside him. Such was Mr Madoff's pedigree, as a vendor of almost 50 years continuing and a ci-devant chairman of the Nasdaq usual exchange, that investors clamoured to be let into his fund. Access International had placed about $1.4bn with Madoff Investment Securities, putting intolerable pressurize on M. de la Villehuchet, according to a baby who spoke mould sundown to La Tribune newspaper in France.
"He had been searching age and dusk for a road to return to health the funds of his investors. He couldn't exhibit the disapproval tournament that short out surrounded by Europeans." M. de la Villehuchet lived with his helpmeet in a suburb of New York and was known for his adore of sailing, regularly attractive part company in regattas as a colleague of the choice New York Yacht Club. The duo had no children.
As Mr Madoff remains under sporting house collar at his Manhattan apartment, a forensic firestorm has infringed out over the store managers who handed clients' percentage to him to invest. Furious investors venture these managers should have done more inquiry before handing over billions of dollars, and should have known the squiffy returns he was claiming were unambiguously too wholesome to be true. Several big names in the hedge support industry are among those coating scrutiny.
Walter Noel's Fairfield Greenwich placed $7.5bn with Mr Madoff, including funds it was managing for close by authorities and acknowledged sector annuity funds. Yesterday, Mr Noel wrote to investors saying: "At this promontory in time, the value of the company's investment in Madoff is not certain.
There may be remaining assets in Madoff to be distributed or, alternatively, there may be no assets." Lawsuits have also been filed against the Securities and Exchange Commission - the Wall Street regulator, whose botched probe into allegations against Mr Madoff in 2006 failed to uncover the confidence man - and against KPMG, which audited one pool of funds, Tremont Group, which hopeless $3.3bn. Mr Madoff was feted on Wall Street for generating annual returns of more than 10 per cent, year in, year out, but the results were not real.
Instead, he was paying his existing clients with the ready coming in from unique investors. Investigators assume the machination could have been meet undetected for more than two decades.
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