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Dec
23
Thierry Magon de La Villehuchet, who ran a fund that invested with Bernard Madoff, was found dead today in his New York office in an apparent suicide, Police Commissioner Raymond Kelly said.
“Our investigative premise is that it was a suicide,” Kelly said in an interview. De La Villehuchet, 65, was found “with his feet propped up on his desk, a trash pail nearby to collect blood,” and no sign of a second person, Kelly said.
The money manager had “multiple stab wounds” to his arms and wrists, a box-cutter and pills were found nearby, and no suicide note was found, Kelly said. De La Villehuchet was co- founder and chief executive officer of Access International Advisors, a New York firm that invested $1.4 billion with Madoff, who was arrested on Dec. 11 for allegedly running a $50 billion Ponzi scheme.
The death of de la Villehuchet, who founded Access in 1994 with Patrick Littaye, came as lawsuits mounted in connection with investors victimized by Madoff.
This NYT article talks about the spiritual reflections on Madoff from members of the Jewish community, but the final lines say it all:
According to Jewish tradition, the last question people are asked when they meet God after dying is, “Did you hope for redemption?”
Rabbi Wolpe said he did not believe Mr. Madoff could ever make amends. “It is not possible for him to atone for all the damage he did, and I don’t even think that there is a punishment that is commensurate with the crime, for the wreckage of lives that he’s left behind,” Rabbi Wolpe said. “The only thing he could do, for the rest of his life, is work for redemption that he would never achieve.”
To call it a shanda is an enormous understatement, but it is Madoff himself who appears to be someone who, a very long time ago, shed the shield of shame we’re intended to carry as a necessary part of our moral compass.
Hattip to a tweet from Breaking News On.
By Jill Miller Zimon at 5:34 pm December 23rd, 2008 in Business, Courts, Crime, Economy, Ethics, Government, Judaism, Law, Scandal
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2 Responses to “First Madoff-related suicide reported: Thierry Magon de La Villehuchet”
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So bad that he was not able to handle the pressure from his clients due to the losses suffered by the latter caused by the Madoff scandal. Our deepest condolences to the family and friends of Mr. de la Villehuchet.
Can I have his Austin Martin?
I see the end of article states Madoff may have been doing this since 1970.
If a person invested with him early on they made lots of money.
I wish I could go over his records, all he did was collect up money and hand it back to people.
Its easy to fake an investment report, he just picked the investments after they happened. Unfortunately anyone can do that, fake an investment report each month after the events already occurred.
It all requires a tag, that being if you own the stock it should have your name on it. If you received a report you should be able to validate it, seeking a transaction that had you name on it. Enumerated stocks and buyer ID#
The thing is this is not about stocks, it about collecting capital and then distributing capital. There was not interest there was no return on the investment. What was put in less what was distributed to each contributor. 500M initially at 10% return is 50M a year, in ten years it breaks even, in the eleventh and subsequent years it becomes profit.
Notice all the confusion around it, woman crying babies screaming men killing themselves. All to distract from those involved into the subsequent years they made money. That money part of a felony con, a non-for -profit foundation existed on its trust and supported many. Not operating on returns from investments actually depleting the trust to zero, if they lasted into the subsequent years they actually went beyond the trust and began to spend the funds of others.
Theoretically it could all be put back in place, all the commissions returned and any subsequent funds recovered. If we cannot track the money particularly large sums like this then we have some real problems.
All my money gone…some actually spent it, they spent it on lavish lifestyles in 10% annual increments. If they got into subsequent years can I serve them the legal notice, your asset froze you owe $50M!!!