Won’t be the last one, either:

Thierry Magon de La Villehuchet, who ran a fund that invested with Bernard Madoff, was found dead at his Madison Avenue office today, a New York City police officer at the scene said. The death appeared to be a suicide, he said.

De la Villehuchet, 65, was a founding partner and chief executive officer of Access International Advisors, according to a marketing document. Access invested $1.4 billion with Madoff, who was arrested on Dec. 11 for allegedly running a $50 billion Ponzi scheme.

Access’s LUXALPHA SICAV-American Selection invested solely with Madoff, the company said. Access said last week that it was working with lawyers to assess the situation. No one answered the phone at the company today. A call to his home wasn’t returned.

>

Source:
Madoff Fund Operator De La Villehuchet Found Dead in New York
By Saijel Kishan and Katherine Burton
Dec. 23 (Bloomberg)

Hat tip Scott F

Category: Hedge Funds, Legal, Markets, Regulation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

34 Responses to “1st Madoff-Related Suicide Hits the Tape”

  1. inquiringmind says:

    “A call to his home wasn’t returned.”

    …I can’t believe they won’t talk to Bloomberg about it! C’mon!

    sad that anyone would think it necessary to kill themselves over some lost pieces of paper (no matter their nominal value).

  2. karen says:

    You know how these things bring out the theorists, read commenter #4

    http://dealbook.blogs.nytimes.com/2008/12/23/head-of-fund-invested-in-madoff-said-to-commit-suicide/

    Also, I just found out last night; my friend’s friend lost everything and is having to put her home on the market.

    Six Degrees of Separation

  3. Bob A says:

    sad yes… especially when so many who responsible for so many more billions upon billions drink champaign and lie and lie and lie.

    there are a lot of folks out there who should be considering doing the honorable thing.. but they won’t.

  4. Mannwich says:

    @karen: Interesting. Thanks for that. Let the conspiracy theories fly. I’m not one by nature, but I’m quickly becoming one. Everything is under a cloud of suspicion now. Can’t be good for our markets or economy recovering quickly.

  5. karen says:

    (jeff) I posted this excellent essay earlier but i think it got buried:

    “In the scramble to figure out what went wrong with our economies and our markets, there are some leading candidates emerging: greed, naivety, self-dealing and corruption, and a lack of oversight, to name a few. But while each of these phenomena surely played their roles, it seems equally sure that there was pretty fundamentally– structurally– awry.”

    http://scenariosandstrategy.wordpress.com/2008/12/22/life-imitating-art/

  6. Winston Munn says:

    Not to make fun of a personal tragedy, but David Letterman last night said that Madoff wanted to make amends and send everyone who was wronged a personalized, hand-written apology – all you had to do to get one was mail a check for $59.95 to Madoff Apology….

  7. eren says:

    i watched the ‘the sting’ yesterday.
    it would be an interesting idea to make a movie about Madoff.

  8. jupiterjoe says:

    People fail to realize to dynamic behind this and how people feel responsible for their lack of judgement.The 1st of I hope will be the last,but I doubt it.It will be on the more personal level as compared to the institutional level.A mid level person may have family members and friends and their own money life ‘s savings with him.Not a good thing.They should march Mr Madoff down to the seen and make him clean it up.The need for protection on Madoff is just uncalled for.You have a camera person able to snaps pics through a window and guards standing around at our expense.Doesn’t make sense to me.He is a person who will never tell anyone anything.Why waste the funds.Hammer the others with-in for some answers and promise them what ever is needed.At least offer them sunshine during time served,lol…The effort to keep this front up is all spent on the appearence.It was built on his shoulders,people’s complacency,and others need for fees(greed).The easy part comes when the money flows in.Everyone has Madoff as some kind of “smart man” You would be smart as well if know one ever questioned you.The fact that the paper work is a mess and people were being paid prior is a sign that he was lazy and messy so if there is any money after he skimmed.It will be easy to find.He is not that smart.He was just lucky.He is nothing more then a bank rober in a suit and the GOV will get to the bottom of it. The others involed sould be very concerned.Just because someone finally picked up a phone and tipped off the feds doens’t mean that much.People from with in should be more proactive and really try to save their bottoms.This is all just an opinion on the situation.

  9. JohnnyVee says:

    Madoff wont off-himself because he’s got to take the fall so his kids don’t go to jail too.

  10. Daniel Hudson says:

    I don’t think you can call this a suicide without more information…

  11. debreuil says:

    Not to make light of a personal tragedy, but I would need to see a cold body with matching dental records before I’d close the books on this one. The idea that there is just one crook here is harder to believe that the scam itself. At one point we all need to stop being so absurdly gullible.

  12. g8tor says:

    CNBC has recounted in relatively graphic detail that it was pills and then wrists. Seems ghoulish how often they have repeated the specifics of the methods employed, but my fault for having it on for more than an hour in the background.

  13. guidepostings says:

    the Holy Grail of Pain –

    tradepostings.blogspot.com
    guidepostings.blogspot.com

    i don’t think the santa claus rally has a snow-ball chance in hell- does this feel and smell like a normal market?

    i just heard the cnbc stock jock-et call for “embracing risk” – ARE YOU KIDDING ME!

    happy holidays

  14. Not that I would ever make light of such a tragic event, but…..

    Come on Parkie!!!!

  15. ZackAttack says:

    My first thought was “Damn, Mossad is fast.”

  16. larster says:

    ZackAttck-

    Mossad is probably holding the money in Isreal.

  17. KenR says:

    This is the second alleged suicide that I’m questioning. (The first one was a writer who supposedly killed himself in Martinsburg, WV, who was writing an exposé on the “octopus”. Now, we know by recent news, just what said writer was referring to when he referred to “The Octopus”.)

    Supposedly this person used a “boxcutter” (aka “utility knife”) to slice his wrist(s).
    That action is so painful regardless of the instrument, that I find it hard to imagine someone used a utility knife to carry out the act. Yes, I know it Is possible, but such a weapon selection, it just seems That item would be down far lower on someone’s list of what to use to take your own life.

  18. Mannwich says:

    This market feels like shite. This sucker’s got at least one or two more big selloffs in it. Waiting for them.

  19. leftback says:

    Jeff: correct – and sloppy shite as well. Two more big pukes in Jan and Feb if I had to guess, then apathy.

    We are at the low end of a sloppy low volume trading range, it’s quite likely we trade up to the top in a few days and even break out above it in the first days of the New Year, after which I am going to become much more bearish. From here on out until the spring I am probably going to have a 30% core of my favorite longs and then rotate the rest between longs, cash and shorts. Right now I am 90% long, but I will retreat early in 2009.

  20. Mannwich says:

    @lb: You may be right about your rally prediction between now and the New Year but part of me is losing faith that’s actually going to happen. Too many people I’ve been reading seem to think that’s how it will play out, which leads me to believe that something different is going to happen.

  21. leftback says:

    No big puke here, I am completely convinced or I would not be so long.
    No volume at all, and hedgies are not trading. Maybe no rally, but no chance of a break below the range*.

    * Assuming no asteroid impacts, alien invasions or massive corporate BK announcement before ’09.

  22. Mannwich says:

    @lb: Low volume is probably due to the holiday week. If we don’t rally this week and/or next, when exactly do we rally? Certainly not in ’09 when the holiday hangover wears off and reality sets in……..

    It’s now or never for Santa and Baby New Year.

  23. Mr. Obvious says:

    Ponzi scandal affecting Pitt Parkinson’s research lab
    Tuesday, December 23, 2008
    By Anya Sostek, Pittsburgh Post-Gazette

    A University of Pittsburgh research laboratory is one of the latest victims in the ever-expanding trail of financial fraud linked to New York financier Bernard Madoff.

    John Timothy Greenamyer, a professor of neurology in Pitt’s medical school, received about $750,000 per year for Parkinson’s disease research from the Florida-based Picower Foundation, which announced Friday that it was immediately ceasing all grant making because its endowment was managed by Mr. Madoff.

    “I thought it affected prim, rich people in New York City but it came home to be terribly tangible,” said Dr. Greenamyer of the Madoff scandal, a Ponzi scheme estimated to cost investors $50 billion. “It hit home in Pittsburgh in a really horrible and tangible way.”

    For the very short term, the University of Pittsburgh Medical School will cover the operating expenses of Dr. Greenamyer’s lab, which employs 13 people. But he said the fate of his research in the medium and long-term is far from certain.
    ———–
    This thing has a long way to play out, still.

    Would be surprised if Madoff makes it more than a month, given the number of people that have been affected by his scheme.

  24. leftback says:

    Other medical schools have been hit hard this year by holding stock in Dow stalwarts like C and AIG….

    If you think about it, C and AIG are also quite good examples of “legitimate” Ponzi schemes. Early stockholders of Weill and Greenberg companies financed the M&A that allowed C and AIG to grow into the unmanageable and overleveraged behemoths that they became, and when no new stock buyers could be found, the schemes collapsed.

  25. capt dave says:

    Kunstler says it better than me:

    The tipping point seems to be the Bernie Madoff $50 billion Ponzi scandal, which represents the grossest failure of authority and hence legitimacy in finance to date in as much as Mr. Madoff was a former chairman of the NASDAQ, for godsake. It’s like discovering that Ben Bernanke is running a meth lab inside the Federal Reserve. And out in the heartland, of course, there is the spectacle of Illinois governor Rod Blagojevich trying to desperately dodge a racketeering rap behind an implausible hairdo.
    What seems to spook people now is the possibility that everybody in charge of everything is a fraud or a crook. Legitimacy has left the system.

  26. BR,

    this story, about the ‘suicide’, has been wall-to-wall on ProleTV, yet this one: http://www.nypost.com/seven/12042008/business/ponzi_scheme_at_citi_142511.htm

    broke by Crudele nearly 3 weeks ago, seems to be circling the Memory Hole, what’s your take?

  27. @Mark E Hoffer Says: December 23rd, 2008 at 8:29 pm

    In your story:

    However, Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in “suspicious” stock sales “calculated to maximize the personal benefits from undisclosed inside information,” the lawsuit said.

    What?! You mean they didn’t go short or buy puts to maximize their returns? Rookies!

  28. macattack says:

    Mr. Madoff will have to explain to God why he did what he did. His greed has wiped out a lot of people’s lifetime savings etc. Why are certain people soo greedy? What does the allure of such greed mean to people to sell their soul to such a degree that it consumes them to this despicble level of human existence? What the heck do these type of folks think? Greed Greed Greed. Other people that are losing their jobs, homes, etc. what do you think of what they think of these bastards? I can tell you of what I have heard from some of these folks(me included because I have just lost my job that I have had for 22 years) and it is not pretty(think of open gun season for deer hunting), but this is not my opinion because I fear the good Lord. Common people of this country are getting really fed up with this BS of Madoff’s, over paid CEO’s and the like. What happens when over 20% of the good ole USA is out of jobs because of this type of greed? It’s a shame that the Frenchman mentioned in the article commited suicide because of some greedy bastard. Who knows what the future holds for our economy, but it doesn’t look good. We have have been hit by the sub-prime mess and the bailouts etc. and it will get worse!! May God bless the USA once again. He shrugs His shoulders at this type of greediness that has enevolped this country!! Wake up people!

  29. macattack says:

    Maybe the greedy people of this world should take a clue from the movie “A Christmas Carol”. There are too many Ebenezer Scrooge’s out there! Maybe the 3 spirits could visit them and change them like in the movie. No, it will never happen. Greed is just too soul consuming. They dance with satan! The only 3 spirits of modern day is now called gov’t bailout!!!

  30. wunsacon says:

    I feel so sad for this man and his widow. I can imagine the pain of losing so much of people’s money. (Not that I’ve done it. But, I’ve thought about it — and then decided I don’t want to even offer to my family members the option of me managing their money…)

    Someone earlier said it’s just “paper”. But, people spend a good portion of their lives working in order to accumulate it and spend it on whatever they like at some point. Imagine you were in his shoes. You took money from families and invested it with a fund with a great track record run by a former industry chief. Now, it’s gone. And it turns out there were signs you could’ve known something was wrong. And there’s no way you an make it up to the people you disappointed.

    So very sad.

  31. wunsacon says:

    That being said, I have to wonder: Was it really suicide?

    Also, as far as armed guards for Madoff, consider the possibility that two types of people might want him dead:
    - Clients who lost money.
    - Collaborators who don’t want him to talk.

    If either of these possibilities are real, then Madoff might end up talking in order to strike a protection deal.

  32. blindsquirrel says:

    the case in the media is too centered in Bernie Madoff,
    and tho he is a scumbag,
    there are co-scums that should be in jail;
    so, as i look at a 2002 due diligence document from brazilian bank on Kingate:

    Peter Madoff – brother and co-manager

    Kingate 4 directors:

    Sandra Manzie (President of Tremont Advisor)
    Charles Sebah (partner of SV Intl.)
    Cristopher Wetherhill (Director of Hemisphere – Kingate Manager)
    Keith Bish (Controller)

  33. If either of these possibilities are real, then Madoff might end up talking in order to strike a protection deal.

    That’s a great idea. Even though it is beyond their specialty, we should ask the SEC to protect him

  34. CPJ13 says:

    I wonder how much ‘waste management’ money was lost with this guy…