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Madoff investor found dead of suicide
Associated Press
2:49 PM PST, December 23, 2008
NEW YORK -- The founder of an investment fund that lost $1.4 billion with Bernard Madoff was discovered dead today after committing suicide at his Madison Avenue office, marking a grim turn in a scandal that has left investors around the world in financial ruin.
Rene-Thierry Magon de la Villehuchet was found sitting at his desk at about 8 a.m. with both wrists slashed, New York Police Department spokesman Paul Browne said. A box cutter was found on the floor along with a bottle of sleeping pills on his desk. No suicide note was found.
De la Villehuchet was one of several fund managers to be hit hard in Madoff's alleged $50 billion Ponzi scheme. Investment funds that lost big to Madoff are also facing backlash and investor lawsuits for not protecting their clients from the alleged fraud.
It is not immediately known what kind of scrutiny de la Villehuchet was facing over his Madoff losses through his Access International Advisors, located a couple of blocks from Rockefeller Center.
But on Monday night, he told cleaning crews in his building that he wanted them out of his office by 7 p.m. because he was going to be working late.
Workers returned Tuesday morning and found the door locked. He was later discovered dead at his desk, with a garbage can placed near his body to apparently catch the blood, Browne said.
De la Villehuchet was a prominent investor who came from a long line of aristocratic Frenchmen, with the Magon part of his name referring to one of France's most powerful families.
The Magon name is even listed on the Arc de Triomphe in Paris, a world-famous monument that was commissioned by Napoleon in 1806.
His fund enlisted intermediaries with links to the cream of Europe's high society to garner clients. Among them was Philippe Junot, a French businessman and friend who is the former husband of Princess Caroline of Monaco, and Prince Michel of Yugoslavia.
De la Villehuchet, the former chairman and chief executive of Credit Lyonnais Securities USA, was also known as a keen sailor who regularly participated in regattas and was a member of the New York Yacht Club.
He lived in an affluent suburb in Westchester County with his wife. They have no children. There was no answer Tuesday at the family's two-story house.
"He's irreproachable," said Bill Rapavy, who was Access International's chief operating officer before founding his own firm in 2007.
De la Villehuchet's death came as swindled investors began looking for ways to possibly recoup their losses. A handful of lawsuits have already been filed, all claiming that the hedge funds failed to properly vet Madoff and overlooked some red flags that could have steered them away.
Associated Press
2:49 PM PST, December 23, 2008
NEW YORK -- The founder of an investment fund that lost $1.4 billion with Bernard Madoff was discovered dead today after committing suicide at his Madison Avenue office, marking a grim turn in a scandal that has left investors around the world in financial ruin.
Rene-Thierry Magon de la Villehuchet was found sitting at his desk at about 8 a.m. with both wrists slashed, New York Police Department spokesman Paul Browne said. A box cutter was found on the floor along with a bottle of sleeping pills on his desk. No suicide note was found.
De la Villehuchet was one of several fund managers to be hit hard in Madoff's alleged $50 billion Ponzi scheme. Investment funds that lost big to Madoff are also facing backlash and investor lawsuits for not protecting their clients from the alleged fraud.
It is not immediately known what kind of scrutiny de la Villehuchet was facing over his Madoff losses through his Access International Advisors, located a couple of blocks from Rockefeller Center.
But on Monday night, he told cleaning crews in his building that he wanted them out of his office by 7 p.m. because he was going to be working late.
Workers returned Tuesday morning and found the door locked. He was later discovered dead at his desk, with a garbage can placed near his body to apparently catch the blood, Browne said.
De la Villehuchet was a prominent investor who came from a long line of aristocratic Frenchmen, with the Magon part of his name referring to one of France's most powerful families.
The Magon name is even listed on the Arc de Triomphe in Paris, a world-famous monument that was commissioned by Napoleon in 1806.
His fund enlisted intermediaries with links to the cream of Europe's high society to garner clients. Among them was Philippe Junot, a French businessman and friend who is the former husband of Princess Caroline of Monaco, and Prince Michel of Yugoslavia.
De la Villehuchet, the former chairman and chief executive of Credit Lyonnais Securities USA, was also known as a keen sailor who regularly participated in regattas and was a member of the New York Yacht Club.
He lived in an affluent suburb in Westchester County with his wife. They have no children. There was no answer Tuesday at the family's two-story house.
"He's irreproachable," said Bill Rapavy, who was Access International's chief operating officer before founding his own firm in 2007.
De la Villehuchet's death came as swindled investors began looking for ways to possibly recoup their losses. A handful of lawsuits have already been filed, all claiming that the hedge funds failed to properly vet Madoff and overlooked some red flags that could have steered them away.
