Montana Investors Lost $18 Million With Madoff, Regulator Says
Montana Investors Lost $18 Million With Madoff, Regulator Says
By Oshrat Carmiel and Allan Dodds Frank
Dec. 31 (Bloomberg) -- Investors in Montana have lost at least $18 million with Bernard Madoff, the financier who ran an alleged $50 billion Ponzi scheme, a state regulator said.
At least 33 investors, most of them elderly, have lost their entire savings through indirect investments with Madoff’s firm, said Lynne Egan, deputy securities commissioner for the state of Montana.
The victims include a Montana investment adviser, his 94-year-old mother, his 95-year-old aunt and his brother and sister, Egan said in an interview with Bloomberg Television.
“All their eggs appear to have been in one basket,” Egan said.
The investment adviser called Egan’s office this week to alert her to the possible losses, Egan said. The adviser invested in Tremont Capital Management and another fund, that in turn placed their money with Madoff, Egan said.
To contact the reporter on this story: Oshrat Carmiel in New York ocarmiel1@bloomberg.net.
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