Steven Spielberg, an investment fraud victim?December 17th, 2008 - 1:40 pm ICT by ANI
Washington, December 17 (ANI): Steven Spielberg, along with Jeffrey Katzenberg, may never see a chunk of his millions following reports that the director may have been another victim of fraudulent investment operation headed by fund manager Bernie Madoff.
Madoff, chairman of the Wall Street firm Bernard L. Madoff Investment Securities LLC, had been arrested and charged with securities fraud on December 11, reports Contactmusic.
Madoff’’s swindle is alleged to involve up to 50 billion dollars in cash and securities 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.
Wall Street Journal reported that Spielberg and Katzenberg had followed advise offered by financial consultant Jerry Breslauer who himself is speculated to have suffered heavy losses in the investor rip-off.
Both the co-founders of DreamWorks Animation studio were said to have been the only clients of Breslauer at that time. (ANI)
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