NEW YORK — According to a list published by the Wall Street Journal of the nearly 100 investors tied to the $50 billion Bernard L. Madoff Ponzi scheme, credit unions and those with ties to the industry are not among the victims.
Published in the Dec. 22 issue of the Wall Street Journal, the list of investors are mostly foreign banks. Others with Madoff ties include several nonprofit organizations and other entities that serve the Jewish community including schools and universities. Several foundations were forced to shut down as a result of their investment losses.
Madoff oversaw $42 million of Fairfield County, Connecticut's 58,000 person pension fund, according to Bloomberg. County officials told the publication that if the pension fund remains underfunded by more than a margin of 5%, Fairfield probably will have to contribute several million dollars from its annual budget.
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Meanwhile, on Dec. 23, Irving Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Investments Securities LLC, will mail claim forms to investors and creditors on or before Jan. 9. (www.madoff.com). Investors can also log on to www.sipc.org to file a claim. A meeting with Madoff's creditors is scheduled for Feb. 20.
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