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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (442729)12/26/2008 3:26:32 PM
From: tejek  Read Replies (1) of 1575034
 
Brother: Madoff suicide investor lost own money

1 hour, 25 minutes ago

(AP:PARIS) The French financier who killed himself after losing more than $1 billion of his clients' investments to Bernard Madoff's alleged Ponzi scheme also saw his own family's money disappear, his older brother told The Associated Press on Friday.

Rene-Thierry Magon de la Villehuchet and his business partner Patrick Littaye were "totally ruined," Bertrand Magon de la Villehuchet said.

Bertrand said his brother had "invested his own fortune" with Madoff _ up to several tens of millions of dollars _ along with money from friends and family.

Rene-Thierry, 65, was found dead at his desk in New York on Tuesday, both of his wrists slashed. A box cutter and a bottle of sleeping pills lay nearby. Police say it was a suicide.

Rene-Thierry had begun investing with Madoff three or four years ago and had a total of $1.4 billion invested with him when the scandal came crashing down, according to Bertrand.

"At first he thought he'd be able to get the money back. He was very determined. Gradually he realized he wouldn't be able to," Bertrand said in a telephone interview from his home on Paris' chic Place des Vosges.

"My brother was a man of simple tastes," Bertrand said. "He was a very modest man."

Madoff was arrested Dec. 11 and allegedly told FBI agents he had masterminded a $50 billion fraud.

news.ino.com
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