Madoff Fund Operator De La Villehuchet Found Dead (Update1) By Saijel Kishan and Katherine Burton Dec. 23 (Bloomberg) -- Thierry Magon de La Villehuchet, who ran a fund that invested with Bernard Madoff , was found dead at his office today in an apparent suicide, according to a police officer at the scene. De la Villehuchet, 65, was a co-founder and chief executive officer of Access International... [more]
Madoff Fund Operator De La Villehuchet Found Dead (Update1)
By Saijel Kishan and Katherine Burton
Dec. 23 (Bloomberg) -- Thierry Magon de La Villehuchet, who ran a fund that invested with Bernard Madoff , was found dead at his office today in an apparent suicide, according to a police officer at the scene.
De la Villehuchet, 65, was a co-founder and chief executive officer of Access International Advisors, according to a marketing document. Access, based in New York, invested $1.4 billion with Madoff, who was arrested on Dec. 11 for allegedly running a $50 billion Ponzi scheme.
Police were called to the Madison Avenue office about 7:30 a.m., said New York Police spokeswoman Doris Otero . She declined to provide a cause of death.
Before founding Access in 1994 with Patrick Littaye , de La Villehuchet was chairman and CEO of Credit Lyonnais Securities USA, the U.S. investment banking arm of the French bank, according to Access marketing documents. Prior to joining Credit Lyonnais in 1987, he ran Interfinance, an international broker firm specializing in French, Belgian and Italian stock markets that he founded in 1983.
Access’s LUXALPHA SICAV-American Selection invested solely with Madoff. Access said last week that it was working with lawyers to assess the situation.
Clients of Madoff had at least $36 billion with his firm, according to a Bloomberg tally that may include some double counting. Before his arrest, Madoff, 70, confessed to employees that his “giant Ponzi scheme” may have cost as much as $50 billion, according to an FBI complaint.
His misconduct may have stretched back to at least the 1970s, two people familiar with the government’s inquiry of Madoff said last week. Madoff is now under house arrest at his New York apartment.
To contact the reporters on this story: Saijel Kishan in New York at skishan@bloomberg.net ; Katherine Burton in New York at kburton@bloomberg.net . Last Updated: December 23, 2008 13:48 EST
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Response by stevejhx
over 17 years ago
Posts: 12656
Member since: Feb 2008
I suppose I'll be blamed for this, too.
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Response by dwell
over 17 years ago
Posts: 2341
Member since: Jul 2008
Oh, steve, very dark humor!
What can ya say? It's horrible. Hope there won't be any more.
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Response by positivecarry
over 17 years ago
Posts: 704
Member since: Oct 2008
No way it will be the last.
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Response by manhattanfox
over 17 years ago
Posts: 1275
Member since: Sep 2007
Those theives all have blood on their hands -- "Out Out Damn Spot...."
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Response by stevejhx
over 17 years ago
Posts: 12656
Member since: Feb 2008
I say that because I was accused of inciting suicide. As if such a thing could even be done.
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Response by Riv_Drive
over 17 years ago
Posts: 156
Member since: Mar 2007
I'm sure there will be several more suicides for people associated with Madoff. Awful to think about, and what a horrible ending to one @sshole's greed!
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Response by positivecarry
over 17 years ago
Posts: 704
Member since: Oct 2008
Only a man that stole from charities could incite that kind of behavior.
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Response by drdrd
over 17 years ago
Posts: 1905
Member since: Apr 2007
Tragic. How is that scoundrel under house arrest in his penthouse? Anyone else would be out at Rikers, no? WTF?
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Response by farquhar
over 17 years ago
Posts: 124
Member since: Jun 2008
Steve - very keen to realize that this, too, is about you.
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Response by jsmith9005
over 17 years ago
Posts: 360
Member since: Apr 2007
what does this have to do with manhattan RE? Where is the moderator?
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Response by urbandigs
over 17 years ago
Posts: 3629
Member since: Jan 2006
clearly he was not acting alone - i wonder how many more cockroaches are hiding behind the walls when the money stops flowing
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Response by lisa_asil
over 17 years ago
Posts: 30
Member since: May 2008
Quote by jsmith9005
"what does this have to do with manhattan RE? Where is the moderator?"
Knocking hard repeatedly on the top of the head with a fist while shouting, "Hello? Hello? Anybody home? Huh? Think, McFly. Think!"
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Response by ubbatubba
over 17 years ago
Posts: 124
Member since: Sep 2008
steve, its not all about YOU.
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Response by positivecarry
over 17 years ago
Posts: 704
Member since: Oct 2008
Seriously, Jsmith....
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Response by McHale
over 17 years ago
Posts: 399
Member since: Oct 2008
So the guy committed suicide before someone blew his head off because of the money he lost.....easy way out if you ask me!!! Me thinks maybe he was criminally involved too........
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Response by dwell
over 17 years ago
Posts: 2341
Member since: Jul 2008
Gee, Steve, that's awful. I won't ask you about details, but that's a horrible accusation.
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Response by dwell
over 17 years ago
Posts: 2341
Member since: Jul 2008
That poor man. And all the other people who Madoff wiped out. I find it very hard to absorb the reality of it. Not merely greed, it's evil. So overwhelming, then the prospect of a horrible 2009. These are more than interesting times. It's gonna be a bumpy ride.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Madoff ripped off CHARITIES.
What fing scum.
But, I don't consider what he did a whole lot different than many of the non-ponzi hedge funds. The whole model is basically a sham.... paying 20% for someone who does nothing but add risk to the portfolio (which you could do yourself for free) because they don't tell you thats what they're doing.
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Response by carolinaisreal
over 17 years ago
Posts: 3
Member since: Nov 2008
Bravo nyc10022!!
"But, I don't consider what he did a whole lot different than many of the non-ponzi hedge funds. The whole model is basically a sham.... paying 20% for someone who does nothing but add risk to the portfolio (which you could do yourself for free) because they don't tell you thats what they're doing."
I couldn't agree more!
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Response by Cpalms
over 17 years ago
Posts: 122
Member since: Sep 2007
why is anybody feeling sorry for this de La Villehuchet guy. He is a worse criminal than Madoff. He ran a Fund of Funds that implicitly is supposed to diversify amongst many different hedge funds while performing a high level of due diligence on the funds. He did none of this. And for his complete lack of fiduciary responsibility he charged 1% + 20% in addition to the commissions that Madoff charged...
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Response by dwell
over 17 years ago
Posts: 2341
Member since: Jul 2008
cpalms: the man killed himself. It's tragic. That's all.
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Response by ootin
over 17 years ago
Posts: 210
Member since: Jul 2008
Cpalms: why is anybody feeling sorry for this de La Villehuchet guy. He is a worse criminal than Madoff. He ran a Fund of Funds that implicitly is supposed to diversify amongst many different hedge funds while performing a high level of due diligence on the funds. He did none of this. And for his complete lack of fiduciary responsibility he charged 1% + 20% in addition to the commissions that Madoff charged...
so for his sins he deserves death? The guy may have been incompetent and his model greedy. But Madoff is the thief. Perhaps you may wish to reconsider.
I suppose I'll be blamed for this, too.
Oh, steve, very dark humor!
What can ya say? It's horrible. Hope there won't be any more.
No way it will be the last.
Those theives all have blood on their hands -- "Out Out Damn Spot...."
I say that because I was accused of inciting suicide. As if such a thing could even be done.
I'm sure there will be several more suicides for people associated with Madoff. Awful to think about, and what a horrible ending to one @sshole's greed!
Only a man that stole from charities could incite that kind of behavior.
Tragic. How is that scoundrel under house arrest in his penthouse? Anyone else would be out at Rikers, no? WTF?
Steve - very keen to realize that this, too, is about you.
what does this have to do with manhattan RE? Where is the moderator?
clearly he was not acting alone - i wonder how many more cockroaches are hiding behind the walls when the money stops flowing
Quote by jsmith9005
"what does this have to do with manhattan RE? Where is the moderator?"
Knocking hard repeatedly on the top of the head with a fist while shouting, "Hello? Hello? Anybody home? Huh? Think, McFly. Think!"
steve, its not all about YOU.
Seriously, Jsmith....
So the guy committed suicide before someone blew his head off because of the money he lost.....easy way out if you ask me!!! Me thinks maybe he was criminally involved too........
Gee, Steve, that's awful. I won't ask you about details, but that's a horrible accusation.
That poor man. And all the other people who Madoff wiped out. I find it very hard to absorb the reality of it. Not merely greed, it's evil. So overwhelming, then the prospect of a horrible 2009. These are more than interesting times. It's gonna be a bumpy ride.
Madoff ripped off CHARITIES.
What fing scum.
But, I don't consider what he did a whole lot different than many of the non-ponzi hedge funds. The whole model is basically a sham.... paying 20% for someone who does nothing but add risk to the portfolio (which you could do yourself for free) because they don't tell you thats what they're doing.
Bravo nyc10022!!
"But, I don't consider what he did a whole lot different than many of the non-ponzi hedge funds. The whole model is basically a sham.... paying 20% for someone who does nothing but add risk to the portfolio (which you could do yourself for free) because they don't tell you thats what they're doing."
I couldn't agree more!
why is anybody feeling sorry for this de La Villehuchet guy. He is a worse criminal than Madoff. He ran a Fund of Funds that implicitly is supposed to diversify amongst many different hedge funds while performing a high level of due diligence on the funds. He did none of this. And for his complete lack of fiduciary responsibility he charged 1% + 20% in addition to the commissions that Madoff charged...
cpalms: the man killed himself. It's tragic. That's all.
Cpalms: why is anybody feeling sorry for this de La Villehuchet guy. He is a worse criminal than Madoff. He ran a Fund of Funds that implicitly is supposed to diversify amongst many different hedge funds while performing a high level of due diligence on the funds. He did none of this. And for his complete lack of fiduciary responsibility he charged 1% + 20% in addition to the commissions that Madoff charged...
so for his sins he deserves death? The guy may have been incompetent and his model greedy. But Madoff is the thief. Perhaps you may wish to reconsider.