Home Finance Finance Topics Bernard MadoffBernard Madoff 'fraud': L'Oreal heiress Liliane Bettencourt invested money
Liliane Bettencourt, one of the world's wealthiest women and heiress to the L'Oreal fortune, entrusted part of her $22.9bn (£15.5bn) fortune to Bernard Madoff through the fund manager found dead in New York yesterday, according to a report.
By Rupert Neate
Last Updated: 12:35PM GMT 24 Dec 2008
Liliane Bettencourt, the heiress to the L'Oreal fortune, is reported to have invested in Bernard Madoff's funds The 86-year old daughter of L'Oreal founder Eugene Schueller was the first investor in a fund managed by Access International Advisors, Bloomberg News reported.
The Fondation Bettencourt Schuelle, a foundation founded by Liliane Bettencourt, declined to comment on the Bloomberg report.
The body of Access co-founder Thierry Magon de la Villehuchet was found dead in his New York office yesterday and police said he probably killed himself.
Mr de la Villehuchet, who put $1.4bn ($1bn) into Bernard Madoff's allegedly fraudulent scheme was found sitting at his desk with both his wrists slashed, New York police spokesman Paul Browne said, the BBC reported. A bottle of pills was found near him, but there was no suicide note.
Mr de la Villehuchet is believed to have been desperately trying to recover some of the funds lost to Mr Madoff. Mr De la Villehuchet "could not cope with the pressure following the outbreak of the scandal," according to a source quoted by La Tribune.
The newspaper said that Mr de la Villehuchet had spent the past week trying "day and night to find a way to recoup his investors' money" and that he had begun legal action in the United States against US authorities.
News of the death comes as it emerged that Bernard Madoff, who is accused of defrauding clients across the world of $50bn, will spend Christmas under nightly house arrest. He will have an electronic tag fitted to his ankle, after failing to find the four people needed to guarantee his $10m bail.
Forbes magazine has ranked Ms Bettencourt as the 17th richest person in the world with an estimated wealth of $22.9bn. Mr Madoff's fraud has left investors around the world reeling.
Hollywood film maker Steven Spielberg and Nobel laureate Elie Wiesel are among the victims.
"More high-profile names who have been victimised by Madoff will start to become known now," Ron Geffner, who represents hedge funds at the New York-based law firm Sadis & Goldberg, told Bloomberg."There's a strong sense of anguish, fear and distrust."
