The Bernard Madoff tragedy just got more tragic: The Associated Press reports that the founder of a Manhattan hedge fund that invested with Mr. Madoff has been found dead in his office. A French newspaper has reported that the cause of death was suicide.The news of Rene-Thierry Magon de la Villehuchet's death, and the Madoff connection is making headlines today. He was 65-years-old and married without children. A founder of the Access International Advisors fund, he had reportedly plowed $2.1 billion into Madoff's scheme.
A friend told AFP that for Villehuchet, "Access (International Advisors) was his whole life, and Madoff was a manager in whom he had complete trust. I lunched with him two weeks ago and he said, how lucky it was that Madoff was the only manager still doing well at the moment."
Suicide and fraud have been linked in past scandals as well. Shortly after the collapse of Enron, former high-level executive Cliff Baxter shot himself and left a note for his wife that read "Carol, I am so sorry for this. I feel I just can't go on. I have always tried to do the right thing but where there was once great pride now it's gone. I love you and the children so much. I just can't be any good to you or myself. The pain is overwhelming. Please try to forgive me. Cliff"
Google's plan for netbook PCs moves higher into the clouds
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Reader Comments (Page 1 of 1)
12-23-2008 @ 4:13PM
Anthony said...
When two accomplices commit a crime, that results in the death of the victim, they are both charged with murder.
When a white collar crime results in the death of a victim(s), should the perpetrator(s) be any less guilty?
12-23-2008 @ 4:36PM
joy said...
Madoff is too much of an ego maniac to commit suicide, probably thinks he did anything wrong. He should be charged, convicted and sentenced to a REAL jail, not the French Rivera of Incarceration. One day, he will get his for sure,KARMA.
12-23-2008 @ 5:03PM
Charles said...
These frauds happen every so often. I am old enough to remember 1930 when the stock market crashed and men were jumping off of tall buildings. There is something for investors to remember, do not trust anyone with all of your funds. That will lead to disaster sooner or later.
12-24-2008 @ 7:22AM
john said...
Its sad when paper means more than a life. Yes, we need money to survive, but family and friends should mean more. My heart goes out to his family. God Bless us all....