Larry King too fell ”victim” to $50bn Madoff investment scam
January 24th, 2009 - 1:24 pm ICT by ANINew York, January 24 (ANI): Larry King is reportedly the latest name to join the victims of Bernard Madoffs 50 billion dollar Wall Street investment scam.
The CNN host of “Larry King Live” was said to have lost “over 1 million dollars with Madoff, the perpetrator of the biggest financial fraud in history who had been arrested and charged with securities fraud on December 11 last year.
Madoff allegedly headed the fraud through Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.
And now King, who has faced bankruptcy in 1978, was reported to have been cheated as well along with many other wealthy victims from all over the world including the wealthiest woman in the world Liliane Bettencourt, Alicia Koplowitz, the Spanish billionaire, and director Steven Spielberg.
It was a lot of money, the New York Post quoted a source as saying,
King’’s rep, Howard Rubenstein, refused to comment. (ANI)
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- Worlds wealthiest woman also victim to Madoffs investment fraud - Dec 25, 2008
- Ponzie King Madoff's possessions auctioned in New York - Nov 14, 2010
- Trustee charges HSBC with funnelling disgraced Ponzi King Madoff's massive fraud - Dec 06, 2010
- John Malkovich Involved In Madoff Legal Drama - Apr 06, 2010
- Bernard Madoff's son, Mark, found dead on second anniversary of father's arrest - Dec 11, 2010
- Ponzi King Madoff's son found dead in New York apartment - Dec 12, 2010
- Widow gives $7.2bn back to Madoff victims in largest forfeiture in US history - Dec 18, 2010
- Ponzi king Madoff paid nine billion dollars to pals before his arrest - Jun 22, 2010
- Two former employees of Bernard Madoff arrested - Nov 19, 2010
- Banks, hedge funds were somehow "complicit" in massive Ponzi scheme, says Madoff - Feb 16, 2011
- Bernie Madoff Accomplice Sonja Kohn Outed - Dec 11, 2010
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