Carl Shapiro Founder of Clothing Chain loses millions in Madoff Ponzi Scheme - Carl Shapiro Philanthropist

Bernard Madoff 'fraud': Carl Shapiro reported to be biggest victim
A 95-year-old clothing millionaire from Boston is thought to be single biggest victim of Bernard Madoff's alleged $50bn fraud, after losing $545m (£357m), it emerged last night.

By Rowena Mason
Last Updated: 5:46PM GMT 18 Dec 2008
Carl Shapiro is reported to have invested $400m of his own money and $145m from his charitable foundation in Madoff's funds. Shapiro had a personal friendship with Madoff for more than 50 years, as the pair were neighbours in the exclusive Palm Beach area in Florida. The entrepreneur, who made his money founding a clothing chain, Kay Windsor, was said to be "stunned and saddened" to learn of the alleged deceit, according to reports in the Boston Globe.
Another high-profile victim, Walter Noel, is reported to be the biggest known corporate loser in the Madoff scandal, with losses of $7.5bn through his investment empire, Fairfield Greenwich. A New York Times report said that one of Noel's funds, Fairfield Sentry, invested exclusively in Madoff's enterprise.
Other big investors to lose money include London's Kingate Management at $3.5bn and Union Bancaire Prive of Geneva at $1bn.
Dozens of banks, hedge funds and charitable organisations have lost billions through a company that Madoff allegedly admitted was a "giant Ponzi scheme".
A large number of corporate and individual victims have begun hiring lawyers in an attempt to recover their investments, which are being pored over by the US Securities and Exchange Commission.
Some are considering suing the hedge funds and investment trusts that put their faith in Madoff's scam.
Last night, Christopher Cox, chairman of the SEC, ordered an investigation into why the regulator had not acted on "credible and specific allegations" regarding Mr Madoff.