French Banker Who Killed Self Had Own Money With Madoff, Too

Rene-Thierry Magon de la Villehuchet, who killed himself after the Madoff fraud was revealed, had his own fortune with Madoff. This is more than can be said for many of those who channeled client money to Madoff.

Which begs the question: Why didn’t Fairfield Greenwich Group, et al, have more money with Madoff? If YOU were sure Madoff’s results were real, wouldn’t YOU have invested your own money with him? 10%-12% a year through thick and thin with metronomic regularity? Who wouldn’t invest in that?

AP: The French financier who killed himself after losing more than $1 billion of his clients’ investments to Bernard Madoff’s alleged Ponzi scheme also saw his own family’s money disappear, his older brother told The Associated Press on Friday.

Rene-Thierry Magon de la Villehuchet and his business partner Patrick Littaye were ”totally ruined,” Bertrand Magon de la Villehuchet said.

Bertrand said his brother had ”invested his own fortune” with Madoff — up to several tens of millions of dollars — along with money from friends and family.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.