David
04-03-2009, 05:36 AM
It is reported that French prosecutors last month opened a preliminary inquiry into BNP Paribas because of the Wall Street Bernard Madoff investigation. Now French police have searched the BNP Paribas bank, a judicial official said Thursday.
Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors on March 12, 2009. It is estimated the losses, including fabricated gains, of almost $65 billion. He had been confined to his Manhattan penthouse apartment during the investigation, and now he is in jail. He may spend the rest of his life in prison, and owe up to $170 billion in restitution.
Madoff was, in a manner of speaking, very generous and served on boards of nonprofit institutions, many of which entrusted his firm with their endowments. He donated approximately $6 million to lymphoma research after his son Andrew was diagnosed with the disease. However many people have been hurt and now people have even committed suicide. The very first person who killed himself was a French money fund operator.
Rene-Thierry Magon de la Villehuchet may have been overwhelmed by the shame of sullying his family's name. The French aristocrat fatally cut his wrists after the fund he managed lost $1.4 billion to swindler Madoff. He was only 65. He left his wife Claudine alone; the couple had no children.
The second person was William Foxton, a former British soldier. He killed himself after losing his life savings. The son of William Foxton, 65, said his father was so distraught after losing his family’s entire savings that he shot himself in a park in Southampton with a handgun.
Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors on March 12, 2009. It is estimated the losses, including fabricated gains, of almost $65 billion. He had been confined to his Manhattan penthouse apartment during the investigation, and now he is in jail. He may spend the rest of his life in prison, and owe up to $170 billion in restitution.
Madoff was, in a manner of speaking, very generous and served on boards of nonprofit institutions, many of which entrusted his firm with their endowments. He donated approximately $6 million to lymphoma research after his son Andrew was diagnosed with the disease. However many people have been hurt and now people have even committed suicide. The very first person who killed himself was a French money fund operator.
Rene-Thierry Magon de la Villehuchet may have been overwhelmed by the shame of sullying his family's name. The French aristocrat fatally cut his wrists after the fund he managed lost $1.4 billion to swindler Madoff. He was only 65. He left his wife Claudine alone; the couple had no children.
The second person was William Foxton, a former British soldier. He killed himself after losing his life savings. The son of William Foxton, 65, said his father was so distraught after losing his family’s entire savings that he shot himself in a park in Southampton with a handgun.