BANKRUPT BANKER
Valentino Garavani has become a victim to Bernie Madoff's now-infamous Ponzi scheme?
Tuesday 6 January 2009
Valentino Garavani has become a victim to Bernie Madoff's now-infamous Ponzi scheme? Sources from the fashion world inform me that the perma-tanned fashion designer is among those to have been defrauded of a significant amount of cash thanks to the massive $50 billion fraud which Madoff perpetrated on his trusting clients, which was only exposed last month. The scale of Madoff's losses are said to be larger than Bill Gates' entire fortune.
Among those to have fallen victim to the con were City "Superwoman" Nicola Horlick, film star Kevin Bacon, Jaws director Steven Spielberg's charity Wunderkinder Foundation, and Forrest Gump screenwriter Eric Roth. Banks hit include HSBC, which is thought to have had $1bn of exposure. One French executive, whose firm invested more than $1bn with Mr Madoff, is thought to have committed suicide in reaction to his heavy losses.
More casualties of the busted scheme were expected to come out of the woodwork. In The Spectator this week, columnist Taki reveals his own narrow escape. "I know many of the losers, at least three of the major ones live in Gstaad, and last week I was infomed by my bank that I, too, had been granted the right to buy Madoff shares. Not too many, thank God, but a seven-figure sum all the same." But this impressive roster of the fellow-defrauded is unlikely to cheer up the Italian designer. Valentino Garavani, celebrated 45 years in the business before retiring in 2007, handing over to Alessandra Facchinetti. Valentino's PR agency said it could not comment on his personal affairs.Meanwhile, former Madoff employees continue to sell Madoff memoribilia on eBay while his former London office manager has revealed the eccentricities of her former boss' life.
