Bernie Madoff: Difference between revisions

 

On January 20, 2009, French prosecutors opened an investigation on behalf of French citizens and institutions who claim losses due to Madoff. One part of the investigation is over the AlphaLux fund set up by UBS, which counters that the bank set up the Luxembourg-based fund at the request of investors, but that Madoff was never on UBS's list of preferred investments. French prosecutors speculate that the total exposure to Madoff by French investors might be as high as [[Euro sign|€]] 500 million.<ref>[http://news.yahoo.com/s/nm/20090120/ts_nm/us_france_madoff;_ylt=AmL7JUJu0inJEvaigUn9t3J34T0D "French Prosecutors Open Investigation of Madoff", Reuters via Yahoo News (January 20, 2009)]</ref>

 

Some investors have amended their initial estimates of losses to include only their original investment, since the profits Madoff reported to them which they were including were most likely fraudulent. Yeshiva University, for instance, said its actual incurred loss was its invested $14.5 million, not the $110 million initially estimated, which included alleged profits reported to the university by Madoff.<ref>[http://www.google.com/hostednews/ap/article/ALeqM5hBCHtC3MPlmLNcTv10lSHOlcvsmQD95F94DO0 Some groups lower loss estimates in Madoff scandal], [[Associated Press]], January 3, 2009.</ref>