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Politics | 12/24/2008 11:03 am

L'Oréal Liliane Bettencourt Invested Part of Her Billions in the Madoff Investor Found Dead Yesterday

By The Staff at wowOwow.com
AP

Liliane Bettencourt, heiress to the L’Oréal fortune and one of the world’s wealthiest women, has fallen victim in Bernard Maddoff’s alleged Ponzi scheme.

Two people familiar with the matter told Bloomberg that Bettencourt, 86, entrusted part of her $22.9 billion fortune to Madoff, who "lost" an estimated $50 billion this year. Bettencourt, the principal shareholder of the cosmetics company, was reportedly the first investor in a fund managed by Access International Advisors, the company co-founded by Ren-Thierry Magon de la Villehuchet, who was found dead in his Manhattan office yesterday. Police said De la Villehuchet, 65, likely killed himself.

Bettencourt, usually a private person, has been making headlines lately about a bitter fued between her daughter and photographer friend. She’s now one of many bold-faced names, including Steven Spielberg and Nobel laureate Elie Wiesel, who have lost their hard earned money in the Madoff dust-up. As the investigation continues, it’s likely we’ll learn of more famous figures to have fallen victim.

"More high-profile names who have been victimized 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." 

57 Reader Comments (so far…) Sign In or Register to comment

Sandbee (FB) 54
Don’t worry I think she can handle a few remarks. She is able to dis-inherit her own daughter so, as long as we were not in her will, I think we are OK. Hope you are feeling better and have a decent holiday.
By Sandbee (FB) 54 on 12/25/2008 8:30 pm
C jay
Thanks, San - I’ll let this holiday pass for this year.
By C jay on 12/25/2008 8:57 pm
C jay
San - send me your feline! I’m missing my Burmese. When I first started with this “breathing” crisis - before the powers that be were involved, I was told it was Asthma and had to get rid of my precious huge-green-eyed Burmese, and my lovely dog - not yet a companion-dog but almost; so was “Oliver” the feline. Every time I see your ‘snap’ I think of them. Daughter in Houston says in a few months she’s breeding her Shiatsu male (which I trained for her) with her female Shiatsu-Poodle mix - and will send me a puppy all trained. I can see that now; in 5 years. ;-))
By C jay on 12/25/2008 8:22 pm
Sandbee (FB) 54
Carol, my BB is getting a little old, about 16, and I love him dearly. He was a year old when I met him at the shelter and had been very mistreated. He now is king of the house when it is only me and my husband at home but anyone one else comes and he still runs and hides - he has never gotten over the fear. That must have been so hard giving up yours and hope the puppy will help, don’t know if I would have the energy for one. What part of Houston is your daughter in? I’ve been back here for about 4 years, all 3 of my kids live here but my son and his wife are getting ready to leave for Brazil for 2-3 years for his job.
By Sandbee (FB) 54 on 12/25/2008 8:40 pm
C jay
Oh gosh, San, I’d never again move to be “closer” to the kids when they beg me to - they moved within 3 years of my “this-will-be-my-last-move” - In truth, I didn’t base my retirement move on their urgings, just thought it would be nice to be informally accessible to one another again - that doesn’t work out as easily as it once did, IMHO, and I did consider that b/c there were “new” family members involved, of course (SILs for example). What I did not pay enough attention to was that when my daughters came together, it took them about 3 days to drop the surface tension in the kitchen, etc. I blithely ignored it, but did notice it. Never in my wildest dreams did I think such would include me, with the SILs who take such control of the family food and kitchens, and … money! It’s a “Southwestern male” thing, I think… but with well-educated wives, it surprised me, no end. Interestingly, many of us noticed it in grad school in Cambridge when a couple would move in from TX and OK, or NM - and that was a long time ago. We so pitied the “wives” HA! Well, you’re pup is a sweetie, and you are too for making your home his, too. I have a (single) daughter in the Woodlands - she bought her home there about 8 years ago. It’s the last exit before Spring on I-35 to the west, I think. At least to the right. LOL I was going there for Christmas, but had to make some other “runs” out of state and to Dallas in late November, so thought I’d hunker down a bit. The NM contingent is coming over the 1st. That will be a delight - a granddaughter that has taken her grandmere’s heart - a “Ms. Creative-One.” ;-)) And, she knew it at age 2, would even telephone me, “We’re coming, Grandmere - done worry - I OK!” By 3-1/2 she was speaking 4 languages, and signed before speaking herself! No one can figure it out, but I’ve just advise, “leave her alone - just love her!” Hate to tell her Mom (my first ‘youngest” before the Houston one came along 6 years later!) but she was just like her. Never asked a question, only made statements - including, “Don’t hurry, Mama - I’m not going to school today, thank you. I have library books I want to read (age 7!).” See what I mean! Sheesh. Needless to say, not one of them appreciates (or won’t admit) the hell they put me through.
By C jay on 12/25/2008 9:12 pm
Sandbee (FB) 54
The Woodlands is a lovely area, we live more to the west towards Katy. My husband played golf out that way back when he was healthier. Wish he got out more now but that is another story. My three kids and their families are close enough but not right on top of me and luck that all get along well (amazing with the way they fought growing up). The ones moving to Brazil I’m going to miss but will give me a new place to visit. My daughter in law has 2 dear grandchildren for me by a previous marriage who will spend part of their time here - part down there. Since Lindsay grew up in a family that was in international work (Ambassador) she thinks it will be great for the kids. The younger one says they speak Porky-Cheese down there. Happy New Year.
By Sandbee (FB) 54 on 12/26/2008 7:46 am
J B
I’m with you Lucinda. I think Bernie Madoff is the leader but couldn’t possibly have done this alone. I think he is the fall guy for his family and other members of this horrific scam. J.B.
By J B on 12/26/2008 12:12 pm
Lucinda Herbert
JB Oh yes … I feel strongly that’s the case. They were grown men … not in their 20’s or even early 30’s when they might have been awed by Dad. They were of an age when they should have understood the business — the nuts and bolts of it. I wouldn’t be surprised if this was agreed to around the kitchen table and that the sons haven’t spoken to the parents since they day they turned the old man in, I’m confident was part of the plan. Somebody mentioned that Andrew Madoff’s wife of 17 years filed for divorce — that was simply coincidental because they’ve been living separately for some time now and he’s been publicly dating Catherine Hooper.
By Lucinda Herbert on 01/05/2009 10:16 pm
Jeannot Kensinger
I doubt that this is the end of it. How many people have lost their nest eggs since this all started? How many of the CEO’s and crooked investors are still walking around? This is all far reaching and destruction of hundreds of lives. I doubt Ms Bettencourt will miss much of what she lost but think of the ones who have nothing left, including the charities.
By Jeannot Kensinger on 12/26/2008 6:13 pm