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This interesting report is on www.telegraph.co.uk regarding the financial victims of New York investment guru......and CROOK...Bernard Madoff. There could be a lot of FAMOUS PEOPLE , who have lost absolute fortunes with this man. I wonder if Dubai is exposed in any way?
Copy:-

"PRINCE CHARLES TARGETED BY MADOFF FUND"
The Prince of Wales was allegedly targeted as a potential investor by agents working for the alleged fraudster Bernard Madoff's £34 billion Ponzi scheme.

By Andrew Pierce
Last Updated: 12:24PM GMT 06 Feb 2009

The Prince of Wales declined to become involved with the fund Photo: GETTY
The heir to the throne is named alongside European aristocracy in documents supplied to US prosecutors. He was allegedly approached by Prince Michael of Yugoslavia at a Polo tournament in 2002 which was also attended by Prince William and Prince Harry.

Prince Michael, a distant cousin of Crown Prince Alexander of Yugoslavia, was an investment executive of Access International Advisors, which was a Madoff feeder fund.

But the Prince of Wales declined to become involved with the fund which was run by Thierry Magon de La Villehuchet, 65, who was found dead in his New York office in December after potentially losing £1 billion with Madoff who is under house arrest in New York.

The future King was allegedly sounded out by Prince Michael who along with Philippe Junot, the first husband of Princess Caroline of Monaco, used to seek investors on the stamping grounds of the rich from the ski slopes of Switzerland to Monte Carlo and the Mediterranean.

The alleged attempt to involve the Prince of Wales is disclosed in the testimony by the whistle-blower Harry Markopolos in documents prepared for the U S Securities and Exchange Commission. Markopolos told US legislators how he repeatedly tried to inform the Securities and Exchange Commission of Mr Madoff's actions, but was largely ignored.

The documents which name the Prince of Wales were released as part of his testimony to a congressional panel on Feb. 4. "It is my belief that Access likely had several royal families as clients invested in Madoff," Markopolos said. "He was truly masterful in using his feeder funds to draw in people close in make-up to the owners of the feeder funds."

Liliane Bettencourt, 86, who inherited the L'Oréal fortune on the death of her father in 1957 and remains the principal shareholder of the company, lost money after she entrusted part of her

$22.9 billion fortune to Access. Mrs Bettencourt is described in Forbes' 2008 list of the world's richest people as the second-richest person in France and the world's richest woman.

Among British investors named as "customers'' of the alleged fraudster are Lady Rothschild, former wife of Sir Evelyn de Rothschild and a Conservative Party treasurer until 2006, and Lord Jacobs, former owner of BSM and a Tate Gallery donor.

US victims of the suspected fraud including the actors Kevin Bacon and John Malkovich, the film director Steven Spielberg, the Spanish director Pedro Almodovar, CNN's veteran interviewer Larry King, the supermodel Carmen Dell'Orefice, and the estate of late singer-songwriter John Denver. Markopolos, a former chief investment officer for Rampart Investment Management in Boston, tried to replicate Madoff's declared investment strategy and said he found it did not work.

In 2002, the year Prince Michael allegedly approached the Prince of Wales, Access invested about 45 per cent of its $1.2 billion under management with Madoff a former chairman of the Nasdaq stock exchange.

Madoff was charged in December with securities fraud after allegedly confessing to investigators that he had run a huge Ponzi scheme. Mr Madoff has not formally responded to the charge, and is being held under house arrest in his multi-million dollar Manhattan penthouse.

No comment on this story then?

Bernard made off with a lot of rich people's money.

That 162 pages list is partial,there are much "customers" who even did never complain,the suspect is about a big "money washing" activity too.
Plus about a dozen big private european trusts who have not yet decided to get it out!

The point of my question is that Bernard Madoff was highly respectable on the surface , and seen as a financial GURU for the elite only. So a lot of seriously wealthy individuals , who regarded themselves as "elite" and "special" could have been entrusting MILLIONS OF DOLLARS....possibly billions ....to this man's investment funds. He used "salesmen" in tax havens like MONACO and SWITZERLAND to gather investors. Now DUBAI might well have many of that type. Whether you like it or not, Dubai has attracted WEALTHY TAX-DODGERS from all over the world. If they did not want to invest everything in Dubai property, they may have been attracted to put CASH into Madoff's investments, thinking they were onto an ELITE good thing, because the likes of Lady Rothschild, John Malkovitch ,Steven Spielberg , Prince Michael of Yugoslavia and Larry King invested with Madoff.
You wonder if some Arab Sheikhs were caught too?
You must remember that some of these people were so wealthy , that they were bound to be using "TOP investment gurus" and they THOUGHT this man was the BEST!! A DANGEROUS concept!!
Bernard Madoff's Ponzi Fund had £34 BILLION STERLING.......that is MORE than SOME COUNTRIES HAVE!!

I think there is a LOT more to come out here. Until the events of October 2008 in which BIG NAME BANKS WERE FOUND TO BE BUILT ON SAND [does that CONCEPT ring a bell??] , there was NO INKLING that the likes of Bernard Madoff was a conman. People would have regarded it as a PRIVILEGE to join his fund !! How DANGEROUS is that thought?

He was being recommended by TOP BANKS. Some HSBC advisors are going to be sued, I'm told, as are those working for other top banks.
This guy was no small fry........he was the MILLIONAIRES' CHOICE!!

I look forward to reading the full story, but do you know what? I reckon that the Pension Funds of many ordinary people could be caught up in this, without them even KNOWING ! The way that money is moved around amongst banks, investments etc, who knows where your money is being invested?

That is a common old marketing rule,to create the need and hurry to buy something without make a correct evaluation.
He was in the correct position to aim to the top worldwide investors,and so to reclutate those "out of suspect" agents.
I guess no much rich people from Arab countries gave their money to Madoff as that was clearly too much a gamble investment.
But surely a lot of western Dubai investors have lost their money at home with that Madoff fake and all that junk new economy that spread all over the world from USA.

A Brit who lost £1 million in hedge funds run by Madoff has just committed suicide by shooting himself. He lost his life savings after working all over the world.
His son spoke on the BBC News yesterday.

where is he now?
arrested or still out with money

RedKite wrote:A Brit who lost £1 million in hedge funds run by Madoff has just committed suicide by shooting himself. He lost his life savings after working all over the world.
His son spoke on the BBC News yesterday.

Not only the crooks like Madoff.
The evil is that new economy rules,anything is permitted to make money.

For an example,Adolf Merckle (I can't still post links) is a victim while he guessed to crack the WV down instead by those share levering gambles.

About the toxic bonds,they are so splitted and messed inside the Funds around the world which is impossible to know from which single US mortgage they are coming from,it means nobody can even know who the debtor,bank or single or else,is.
And nodody even know how much they are now,and how many more will became total losses instead of investments in the financiary circuit.
A lot of future cracks are still signed as good investments, a lot of assets are signed 10 time their values, inside the budgets.