"Ponz Scum" Madoff Hits The South Of France

We told you the other day about how every time one of Bernie Madoff’s investors tried to reach him, he was “in the South of France.” Well, it seems that he was recruiting victims there, too.

Page Six: The Bernie Madoff disease has spread to St. Tropez. The Ponz Scum visited Club 55 every year and was treated as royalty by many patrons there, especially those who invested with him. “One regular would send him a bottle of champagne when he first arrived on holiday,” a Riviera source said. Combined with the Russian collapse, there’s more than a little fear on the Cote d’Azur. Just as in Palm Beach, some homeowners in the South of France mortgaged multimillion estates to invest with Madoff. Many of those properties will soon be up for sale.

FOR FULL MADOFF COVERAGE, CLICK BERNIE’S FACE >


See Also: A SLIDESHOW OF MADOFF’S VICTIMS HERE >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.