PARIS, Dec. 26, 2008
Madoff Suicide Investor Lost Own Money Too
Rene-Thierry Magon de la Villehuchet's Brother Says Family Was Also Bilked
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Rene-Thierry Magon de la Villehuchet (SIPA PRESS/DAVID X PRUTTING)
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People walk out of 509 Madison Ave. were Rene-Thierry Magon de la Villehuchet had an office on Dec. 23, 2008 in New York. Authorities found de la Villehuchet, the founder of an investment fund that lost millions with Bernard Madoff, at 7:50 a.m. with no pulse at his office of Access International Advisors. (AP PHOTO)
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Bernard L. Madoff (AP/New York Times)
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Rene-Thierry Magon de la Villehuchet and his business partner Patrick Littaye were "totally ruined," Bertrand Magon de la Villehuchet said in a telephone interview from his home on Paris' chic Place des Vosges.
Bertrand, 74, 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 the New York office of Access International Advisors 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 his brother.
"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.
"He trusted Madoff completely," he said.
Madoff, 70, was arrested Dec. 11 and allegedly told FBI agents he had masterminded a $50 billion Ponzi scheme that ensnared investors far and wide, from retirees to charities to the International Olympic Committee.
Madoff, a former chairman of the Nasdaq stock market, has since become one of the most vilified people in America.
Rene-Thierry's fund was among the biggest losers in the scheme, and one of a handful to get taken for more than $1 billion.
Famous names reported to have lost their investment with him include L'Oreal cosmetic empire heiress Lilliane Bettencourt, listed by Forbes as the world's richest woman. Bertrand declined to identify any of his brother's investors outside the family.
Follow the Madoff Money Trail
Bertrand said he spoke with his brother almost every day. "My brother was a man of simple tastes," he said. "He was a very modest man.
"A lot is being said about him, like that he flew in by helicopter to his chateau - that's not true," Bertrand added.
Bertrand said he'll be joining class action lawsuits against Madoff and the Securities and Exchange Commission.
Rene-Thierry raised the money he placed with Madoff from friends and family. Bertrand said he lost 20 percent of his own savings in the scam.
Contrary to what some analysts say now, Bertrand said the returns on his investment with Madoff weren't too good to be true.
"Over four years my gain was 17 percent - that's not crazy," he said.
The Magon de la Villehuchet family built its fortune in shipping during the 17th century according to Georges le Gorgeu, a historian in Plouer-sur-Rance, where the clan has owned a chateau for several hundred years.
The family was so rich and prominent that it loaned money to France's Sun King, Louis XIV, who ennobled them, le Gorgeu said. Many of Rene-Thierry's and Bertrand's aristocratic ancestors died on the guillotine during the French revolution, le Gorgeu said.
Rene-Thierry, who had married and had one sister, spent every August at the chateau, his brother said. In recent years he'd invested a considerable sum to renovate the chateau and protect its archives, which date back to 1200, le Gorgeu said.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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He needs new charges like conspiracy to kill (making people commit suicide) since that is a common occurance after one has a devasting loss in the means which one is accustomed to live.
Someone needs to answer that.
He should be pilloried on Wall Street and then tarred, feathered and then tried. That he stole big money from many people is not in dispute. The money is gone.
But more importantly are the hundreds of millions of innocent Americans who have lost their retirement and pensions and savings due to the shysters of Wall Street that have connived for 5 years to steal them blind by scams of overrated mortgage paper. They need held 100% accountable, but instead we are bailing them out.
Bernie Madoff''s $50B investors are losers, greedy fools and small potatoes compared to most Americans who were fully diversified and played by the rules, yet they still lost trillions of their nest egg.
He was a major contributor of the Democratic Party.
It won''t take you long to research.
This money should have been taxed away from these born-rich do-nothings and used to educate the citizenry, allowing for real new wealth to be created, rather than have these spoiled children spend their pathetic lives swimming in obscene wealth. So much in fact that losing that wealth and prestige causes them to end their own lives! What weaklings enormous wealth makes of them.
Posted by WarDogLRS at 12:06 AM : Dec 27, 2008 lets your remark speak for itself .I am sure you posted something similar when the treasurer forr the republican party embezzled several hundreds of thousands of dollars ..right wing repuublicans ripping off right wing republicnas... and never mind all the charitable investments , cities , retirement funds etc, that had investd with him .. with you it all boils down to jews ripping off jews ..so with Bush leaving office do you often say Religious right christaians ripping off religious right christians? or do you look at in a broader context?..just curious you know
This money should have been taxed away from these born-rich do-nothings and used to educate the citizenry, allowing for real new wealth to be created, rather than have these spoiled children spend their pathetic lives swimming in obscene wealth. So much in fact that losing that wealth and prestige causes them to end their own lives! What weaklings enormous wealth makes of them.
Posted by timothyone at 10:30 PM : Dec 26, 2008 " err i support the inheritance tas as does bill gates and warren buffet , but your statement is silly on the face of it . the estate tax even in the united states is not intended to deprive people or ttaoally reduce people to poveryty .. it is intended to stop the situation like in south america whre 18 families will control a complete copuntries walth through inheritance , think costa rica or nicaragua etc. However it is not about stripping a familys wealth.. and jsut as an added note , ihaven''t put google fu on it but i bet the french have similar laws , so obviously he has invested his familys fortune and lost .. and was upset enough over his responsibility ato kill himself .. hmm shall we wait on the head of lehman bros to do that? or enron? or AIG? .. or the head of citi bank .. you sure seem to have different standards..
does anyone else think this sounds like a certain haggis eating troll?
But it is a tainted sympathy, much like that I have for skydivers, mountain climbers and stunt people.....
They should have known better. These were the Masters of the Universe of the financial world who for years have looked down upon us mere mortals who work for a living......
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by dogdoodoo-2009
December 27, 2008 6:41 PM PST
- This man had a sense of personal honor that caused him to offer his life as the ultimate apology for his mistakes. Too bad those greedy corporate executives that put us in the terrible economic mess we are in don''t have a similar sense of honor.
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