No public disclosure for Madoff assets
No public disclosure for Madoff assets
2nd January 2009 15:21
The US Securities and Exchange Commission is to withhold public access to files detailing the assets of Wall Street broker and alleged fraudster Bernard Madoff, it has been reported.
According to the Telegraph, the market regulator's decision will come as a "disappointment" to investors looking to recover their money from the $50 billion (£34.4 billion) Ponzi scheme Mr Madoff is accused of running.
The news comes as the list of high-profile victims hit by the scandal continues to grow.
Among them is ex-hedge fund manager Michael Steinhardt, who told Bloomberg that he stands to lose around $2 million invested with Mr Madoff's firm through the financier Erza Merkin.
"If [Mr Merkin] gave some of my money to Madoff and earned fees for doing so, it was not inconsistent with his agreement to manage my money in the best way he could," Mr Steinhardt said in an interview.
Mr Merkin and his funds are already being sued for $24 million by New York University for failing to conduct due diligence when investing with Mr Madoff's brokerage firm.
Elsewhere, Hollywood actor Kevin Bacon is believed to have lost "millions" to the Madoff scandal, the Telegraph said.
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