Securities Law Blog

This is a partial list of Bernard Madoff's investors who have reportedly lost money in Madoff's alleged investment scam. While this list of Madoff victims continues to grow every day, some of that "growth" is really simply the ability to obtain refined information about the losses listed below. One thing is very clear, tens of thousands of people will be hurt by this massive investment fraud. Total losses are estimated to be about $50 billion, which would make it the largest Ponzi scheme in history-a shocking securities fraud. This is especially troubling since press reports would lead us to assume that the SEC securities fraud lawyers were not stopping this scam. Where available, the amount estimated to be lost by each investor is included. One of the troubling things to emerge in recent days is the pension funds losses caused by this securities fraud. Endowment funds have also been defrauded by Madoff to the tune of millions of dollars.

*Please note that some of the individuals and charities may have invested through funds, such as Ascot Partners, so there may be some double-counting going on. Also note that these estimates may be very rough ones based on the poor recordkeeping of Madoff.

Madoff investor:Fairfield Sentry (Fairfield Greenwich Group) (Madoff feeder fund)
Investor type:alternatives firm
Potential exposure: $7.5 billion
Source:firm statement

Madoff investor:FIM Ltd. (Kingate funds manager)
Investor type:money manager
Potential exposure:$3.5 billion
Source: media reports

Madoff investor:Grupo Santander
Investor type:bank
Potential exposure:$3.5 billion
Source: El Pais

Madoff investor:Rye Investment Management (Tremont Group) (Madoff feeder fund)
Investor type:hedge fund
Potential exposure:$3.1 billion
Source:Bloomerg News

Madoff investor:Kingate Management (Madoff feeder fund)
Investor type:alternatives firm
Potential exposure:$2.8 billion
Source: Bloomerg

Madoff investor:Bank Medici of Austria
Investor type:bank
Potential exposure:$2.1 billion
Source: Bloomberg

Madoff investor:Ascot Partners (Madoff feeder fund)
Investor type:hedge fund
Potential exposure:$1.8 billion
Source: Wall Street Journal

Madoff investor:Access International Advisors
Investor type:hedge fund
Potential exposure: $1.4 billion
Source: Bloomberg

Madoff investor:Fortis Bank Nederland
Investor type:bank
Potential exposure:$1.35 billion
Source:firm statement

Madoff investor:HSBC
Investor type: bank
Potential exposure:$1 billion
Source:firm statement

Madoff investor:J.P. Jeanneret Associates
Investor type:investment adviser
Potential exposure:$946 million
Source:Syracuse Post-Standard

Madoff investor:Benbassat & Cie
Investor type: bank
Potential exposure:$935 million
Source:Le Temps

Madoff investor:Union Bancaire Privee
Investor type:bank
Potential exposure:$846 million
Source:Le Temps

Madoff investor:Natixis
Investor type: bank
Potential exposure: $600 million
Source: Bloomberg

Madoff investor:Royal Bank of Scotland
Investor type: bank
Potential exposure:$600 million
Source:published reports

Madoff investor:Sterling Equities
Investor type:investment firm
Potential exposure:$500 million
Source:New York Post

Madoff investor:BNP Paribas
Investor type: bank
Potential exposure: $475.3 million
Source: Bloomberg

Madoff investor:BBVA
Investor type: bank
Potential exposure: $404 million
Source: Reuters

Madoff investor:Picower Foundation
Investor type: charity
Potential exposure: $400 million
Source:Boston Globe

Madoff investor:Carl and Ruth Shapiro
Investor type:individuals
Potential exposure:$400 million
Source:WSJ

Madoff investor:RMF (Man Group)
Investor type:alternatives firm
Potential exposure: $360 million
Source:firm statement

Madoff investor:Reichmuth Matterhorn
Investor type: bank
Potential exposure: $330 million
Source: Bloomberg

Madoff investor:Normal Holdings
Investor type:
Potential exposure:$302 million
Source:StreetInsider.com

Madoff investor:Pioneer Alternative Investments
Investor type:alternatives firm
Potential exposure:$280 million
Source: Bloomberg

Madoff investor:Maxam Capital Management (Madoff feeder fund)
Investor type:fund of hedge funds
Potential exposure:$280 million
Source: WSJ

Madoff investor:EIM Group
Investor type: bank
Potential exposure: $230 million
Source:Le Temps

Madoff investor:Ira Rennert
Investor type: individual
Potential exposure: $200 million
Source: FINalternatives

Madoff investor:Bank Austria
Investor type: bank
Potential exposure: $192.1 million
Source: Der Standard

Madoff investor:Tremont Capital Management (Tremont Group)
Investor type:fund of hedge funds
Potential exposure: $190 million
Source: firm statement

Madoff investor:M&B Capital Partners
Investor type: money manager
Potential exposure: $187.9 million
Source: El Mundo

Madoff investor:Jerome Fisher (Nine West founder)
Investor type: individual
Potential exposure: $150 million
Source: media reports

Madoff investor: Carl and Ruth Shapiro Family Foundation
Investor type: charity
Potential exposure: $145 million
Source: Boston Globe

Madoff investor:Yeshiva University
Investor type: university endowment
Potential exposure: $140 million
Source: Bloomberg

Madoff investor:Aozora Bank
Investor type: bank
Potential exposure: $137 million
Source: firm statement

Madoff investor:AXA
Investor type: insurer
Potential exposure: less than $135 million
Source: Reuters

Madoff investor:Credit Mutuel
Investor type: bank
Potential exposure: $124 million
Source: Bloomberg

Madoff investor:Dexia
Investor type: bank
Potential exposure: $106.9 million
Source: firm statement

Madoff investor:UniCredit
Investor type: financial firm
Potential exposure: $100 million
Source: Bloomberg

Madoff investor:Hadassah
Investor type: charity
Potential exposure: $90 million
Source: JTA

Madoff investor:Unione di Banche Italiane
Investor type: bank
Potential exposure: $84.9 million
Source: Bloomberg

Madoff investor:Nordea
Investor type: bank
Potential exposure: $65 million
Source: Reuters

Madoff investor:Hyposwiss
Investor type: bank
Potential exposure: $50 million
Source: Reuters

Madoff investor:Korea Life Insurance Co.
Investor type: insurer
Potential exposure: $50 million
Source: Yonhap News

Madoff investor:Banque Benedict Hentsch
Investor type: bank
Potential exposure: $47.5 million
Source: firm statement

Madoff investor:Royal Dutch Shell
Investor type: pension
Potential exposure: $45 million
Source: Reuters

Madoff investor:Great Eastern Holdings
Investor type: bank
Potential exposure: $43.9 million
Source: Reuters

Madoff investor:Town of Fairfield, Conn.
Investor type: pension fund
Potential exposure: $42 million
Source: Associated Press

Madoff investor:Royal Bank of Canada
Investor type: bank
Potential exposure: $40.4 million
Source: Globe and Mail

Madoff investor:Wolosoff Foundation
Investor type: charity
Potential exposure: $38 million
Source: FINalternatives

Madoff investor:Bramdean Asset Management
Investor type: alternatives firm
Potential exposure: $31 million
Source: WSJ

Madoff investor:family of Sarah Chew
Investor type: family office
Potential exposure: $30 million
Source: Time

Madoff investor: Mortimer B. Zuckerman Charitable Remainder Trust (New York Daily News owner's charity)
Investor type: charity
Potential exposure: $30 million
Source: CNBC

Madoff investor:Arthur I. and Sydelle F. Meyer Charitable Foundation
Investor type: charity
Potential exposure: $29.2 million
Source: Palm Beach Post

Madoff investor:Sumitomo Life Insurance Co.
Investor type: insurer
Potential exposure: $22 million
Source: Bloomberg

Madoff investor: Tufts University
Investor type: college endowment
Potential exposure: $20 million
Source: Boston Globe

Madoff investor:Los Angeles Jewish Community Foundation
Investor type: charity
Potential exposure: $18 million
Source: Jewish Journal

Madoff investor:KSM Capital Advisors
Investor type: investment firm
Potential exposure: $15 million
Source: Indianapolis Business Journal

Madoff investor:The Phoenix Holdings
Investor type: insurer
Potential exposure: $15 million
Source: firm statement

Madoff investor:Harel Insurance Investments and Financial Services
Investor type: insurer
Potential exposure: $14.2 million
Source: firm statement

Madoff investor:Alicia Koplowitz
Investor type: individual
Potential exposure: $13.7 million
Source: Europa Press

Madoff investor: Groupama
Investor type: insurer
Potential exposure: $13.6 million
Source: firm statement

Madoff investor: Societe General
Investor type: financial institution
Potential exposure: less than $13.5 million
Source: Reuters

Madoff investor: Baloise
Investor type: insurer
Potential exposure: $13 million
Source: Reuters

Madoff investor: Lautenberg Family Foundation
Investor type: charity
Potential exposure: $12.8 million
Source: media reports

Madoff investor: Kas Bank
Investor type: bank
Potential exposure: $12.3 million
Source: firm statement

Madoff investor: Massachusetts Pension Reserves Investment Management
Investor type: pension
Potential exposure: $12 million
Source: Reuters

Madoff investor: Mitsubishi UFJ FInancial Group
Investor type: financial institution
Potential exposure: $11 million
Source: Bloomberg

Madoff investor: Richard Spring
Investor type: individual
Potential exposure: $11 million
Source: WSJ

Madoff investor: Hampshire County Council
Investor type: pension
Potential exposure: $10.7 million
Source: IPE

Madoff investor: RAB Capital
Investor type: hedge fund
Potential exposure: $10 million
Source: Reuters

Madoff investor: Richard Roth
Investor type: individual
Potential exposure: $10 million
Source: FINalternatives

Madoff investor:United Jewish Endowment Fund
Investor type: charity
Potential exposure: less than $10 million
Source: JTA

Madoff investor: Korea Teachers Pension
Investor type: pension
Potential exposure: $9.1 million
Source: statement

Madoff investor: Robert I. Lappin Charitable Foundation
Investor type: charity
Potential exposure: $8 million
Source: Washington Post

Madoff investor: Michael Roth
Investor type: individual
Potential exposure: $7.5 million
Source: FINalternatives

Madoff investor:Chais Family Foundation
Investor type: charity
Potential exposure: $7 million
Source: WSJ

Madoff investor: Jewish Federation of Greater Los Angeles
Investor type: charity
Potential exposure: $6.4 million
Source: media reports

Madoff investor: Technion-Israel Institute of Technology
Investor type: university
Potential exposure: $6.4 million
Source: Globes

Madoff investor: Vincent Tchenguiz
Investor type: individual
Potential exposure: $6.3 million
Source: FINalternatives

Madoff investor: The Ramaz School
Investor type: school
Potential exposure: $6 million
Source: FINalternatives

Madoff investor: Irwin Kellner (named plaintiff on first lawsuit against Madoff)
Investor type: individual
Potential exposure: $6 million
Source: lawsuit

Madoff investor: Julian J. Levitt Foundation
Investor type: charity
Potential exposure: $6 million
Source: WSJ

Madoff investor: Stony Brook University Foundation
Investor type: university endowment
Potential exposure: $5.4 million
Source: Bloomberg

Madoff investor:David Berger
Investor type: individual
Potential exposure: $5 million
Source: FINalternatives

Madoff investor: Maimonides School (Boston)
Investor type: school
Potential exposure: $5 million
Source: Bloomberg

Madoff investor: Neue Privat Bank
Investor type: bank
Potential exposure: $5 million
Source: Bloomberg

Madoff investor: North Shore-Long Island Jewish Health System
Investor type: pension fund
Potential exposure: $5 million
Source: statement

Madoff investor: Congregation Kehilath Jeshurun (New York)
Investor type: synagogue
Potential exposure: $3.5 million
Source: Bloomberg

Madoff investor: Dorset County Pension Fund
Investor type: pension
Potential exposure: $3.5 million
Source: LocalGov.co.uk

Madoff investor:Caja Madrid
Investor type: bank
Potential exposure: $3.1 million
Source: Cinco Días

Madoff investor:Merseyside Pension Fund
Investor type: pension
Potential exposure: $3 million
Source: media reports

Madoff investor: New York Law School
Investor type: law school
Potential exposure: $3 million
Source: lawsuit

Madoff investor: Roger Peskin
Investor type: individual
Potential exposure: $3 million
Source: AP

Madoff investor: Swiss Reinsurance Co.
Investor type: reinsurer
Potential exposure: less than $3 million
Source: firm statement

Madoff investor:Global Specialised Opportunities 1
Investor type: Bermuda-listed fund
Potential exposure: $2.8 million
Source: fund statement

Madoff investor: Banca March
Investor type: bank
Potential exposure: $2.7 million
Source: Cinco Días

Madoff investor: American Friends of Yad Sarah
Investor type: charity
Potential exposure: $1.5 million
Source: JTA

Madoff investor:Caisse des dépôts et consignations
Investor type: government-owned bank
Potential exposure: $1.38 million
Source: Bloomberg

Madoff investor: Robert and Sarah Chew
Investor type: individual
Potential exposure: $1.2 million
Source: Time

Madoff investor: SAR Academy (New York)
Investor type: school
Potential exposure: $1.2 million
Source: Bloomberg News

Madoff investor: Harold Roitenberg
Investor type: individual
Potential exposure: $1 million
Source: Minneapolis Star-Tribune

Madoff investor: Ira Roth
Investor type: individual
Potential exposure: $1 million
Source: WSJ

Madoff investor: Arnold and Joan Sinkin
Investor type: individuals
Potential exposure: $1 million
Source: The Guardian

Madoff investor: Steven Abbott
Investor type: individual
Potential exposure: less than $1 million
Source: WSJ

Madoff investor:Allegretto Fund
Investor type: hedge fund
Potential exposure: $790,000
Source: firm statement

Madoff investor:Clal Insurance
Investor type: insurer
Potential exposure: $778,800
Source: firm statement

Madoff investor: Mediobanca
Investor type: bank
Potential exposure: $671,000
Source: firm statement

Madoff investor: Allianz Global Investors
Investor type: bank
Potential exposure: n/a
Source: Citywire

Madoff investor: Austin Capital Management
Investor type: fund of hedge funds
Potential exposure: n/a
Source: Reuters

Madoff investor: AWD
Investor type: financial services provider
Potential exposure: n/a
Source: Citywire

Madoff investor: Banco Popolare
Investor type: bank
Potential exposure: n/a
Source: MarketWatch

Madoff investor: Banesto
Investor type: bank
Potential exposure: n/a
Source: Reuters

Madoff investor: Ed Blumenfeld (Long Island real estate developer)
Investor type: individual
Potential exposure: n/a
Source: Long Island Business News

Madoff investor: Norman Braman (former Philadelphia Eagles owner)
Investor type: individual
Potential exposure: n/a
Source: WSJ

Madoff investor: Chair Family Foundation
Investor type: charity
Potential exposure: n/a
Source: FINalternatives

Madoff investor:Engelbardt family
Investor type: family office
Potential exposure: n/a
Source: Variety

Madoff investor: Erste Bank
Investor type: bank
Potential exposure: n/a
Source: Der Standard

Madoff investor:Fair Food Foundation
Investor type: charity
Potential exposure: n/a
Source: Crain's Detroit Business

Madoff investor: Leonard Feinstein (Bed Bath & Beyond co-founder)
Investor type: individual
Potential exposure: n/a
Source: Newark Star-Ledger

Madoff investor: Stephen Fine
Investor type: individual
Potential exposure: n/a
Source: Reuters

Madoff investor: Barbara Flood
Investor type: individual
Potential exposure: n/a
Source: National Public Radio

Madoff investor: Foundation for Humanity (Elie Wiesel's charity)
Investor type: charity
Potential exposure: n/a
Source: WSJ

Madoff investor:Avram and Carol Goldberg (Stop n Shop founders)
Investor type: individuals
Potential exposure: n/a
Source: Reuters

Madoff investor: Joyce Z. Greenberg
Investor type: individuals
Potential exposure: n/a
Source: Houston Chronicle

Madoff investor: Gutmann
Investor type: bank
Potential exposure: n/a
Source: Citywire

Madoff investor: members of the Hillcrest Country Club (St. Paul, Minn.)
Investor type: individuals
Potential exposure: n/a
Source: Star-Tribune

Madoff investor: JEHT Foundation
Investor type: charity
Potential exposure: n/a
Source: statement

Madoff investor: KBC
Investor type: bank
Potential exposure: n/a
Source: firm statement

Madoff investor: Knowsley MBC
Investor type: pension
Potential exposure: n/a
Source: LocalGov.co.uk

Madoff investor: Kenneth and Jeanne Levy-Church (donors to Fair Food and JEHT foundations)
Investor type: individuals
Potential exposure: n/a
Source: Jewish Journal

Madoff investor: Leonard Litwin
Investor type: individual
Potential exposure: n/a
Source: Bloomberg

Madoff investor: Liverpool City Council
Investor type: pension
Potential exposure: n/a
Source: LocalGov.co.uk

Madoff investor: LLBW
Investor type: bank
Potential exposure: n/a
Source: Citywire

Madoff investor: Loeb family
Investor type: family office
Potential exposure: n/a
Source: CNBC

Madoff investor: Mirabaud & Cie
Investor type: bank
Potential exposure: n/a
Source: Le Temps

Madoff investor: The Moriah Fund
Investor type: charity
Potential exposure: n/a
Source: FINalternatives

Madoff investor: MorseLife
Investor type: charity
Potential exposure: n/a
Source: Palm Beach Post

Madoff investor: Nomura
Investor type: bank
Potential exposure: n/a
Source: WSJ

Madoff investor:Notz, Stucki & Cie
Investor type: bank
Potential exposure: n/a
Source: Le Temps

Madoff investor:members of the Oak Ridge Country Club (Hopkins, Minn.)
Investor type: individuals
Potential exposure: n/a
Source: Star-Tribune

Madoff investor: Optimal Investment Services (Grupo Santander)
Investor type: alternatives firm
Potential exposure:n/a
Source: Bloomerg

Madoff investor: Palm Beach Country Club
Investor type: country club
Potential exposure:n/a
Source: CNBC

Madoff investor:Eric Roth (screenwriter)
Investor type: individual
Potential exposure:n/a
Source: Los Angeles Times

Madoff investor: St. Helens MBC
Investor type: pension
Potential exposure:n/a
Source: LocalGov.co.uk

Madoff investor: Sefton MBC
Investor type: pension
Potential exposure:n/a
Source: LocalGov.co.uk

Madoff investor:SNL Reaal Groep
Investor type:financial services firm
Potential exposure: n/a
Source: Bloomberg

Madoff investor: family of former New York Gov. Eliot Spitzer
Investor type: individuals
Potential exposure: n/a
Source: Clusterstock.com

Madoff investor: Thema (Madoff feeder fund)
Investor type: hedge fund
Potential exposure:n/a
Source: media reports

Madoff investor: Jeff Tucker (Stone Bridge horse farm owner, Fairfield Greenwich Group founding partner)
Investor type: individual
Potential exposure: n/a
Source: WNYT television

Madoff investor:Thyssen family
Investor type:family office
Potential exposure: n/a
Source:Clusterstock.com

Madoff investor:UBS
Investor type: bank
Potential exposure: n/a
Source: Reuters

Madoff investor:Lawrence Velvel (dean, Massachusetts Law School)
Investor type: individual
Potential exposure: n/a
Source: WSJ

Madoff investor:Wilpon family (New York Mets owner)
Investor type: family office
Potential exposure: n/a
Source: WSJ

Madoff investor:Wunderkinder Foundation (Steven Spielberg's charity)
Investor type:charity
Potential exposure:n/a
Source: WSJ