Information is still trickling out about who lost money (and how much) with Bernard Madoff, the legendary New York investor whose sons turned him in to authorities last week after he admitted that the investment arm of his securities firm was "a giant Ponzi scheme." But as the SEC sifts through the rubble of his midtown office, a list is taking shape that gives some idea of the magnitude of Madoff's crime. What's truly heartbreaking is that it's not just deep-pocketed giants like Steven Spielberg and Swiss banks who lost out, but charities — several have already shut their doors and fired their staffs — and a crowd of pastel-panted Palm Beach senior citizens whose dreams of living out their days on the golf course have been dashed. Below, a list of known victims so far, which we'll try to update as they roll in.
Access International Advisers, New York-based investment firm may have lost $1.4 billion in assets, according to Bloomberg.
Banco Santander – Spanish bank reported yesterday that clients of one of its Swiss subsidiaries have lost $3 billion.
Banque Bénédict Hentsch – $47.5 million worth of client assets at risk.
Basically everyone at the Palm Beach Country Club – Madoff has belonged since 1996. "I’m taking care of my sick mother-in-law," one member, Richard Spring, 73, told the Times. "My wife has cancer. I just can’t deal with it. I’m cooked."
Benbassat & Cie Swiss bank has 1.1 billion francs, or $935 million, at stake, according to la France via Reuters.
BNP Paribas – Did not invest directly in the Madoff funds but has 350 million euros, or about $500 million, at risk through trades and loans to hedge funds.
Bramdean Alternatives – British asset manager lost $19 million, or 9 percent of the company, according to a statement. The female CEO is being pilloried in the press: "I am an ordinary person who manages pension funds for pensioners. If I was a male fund manager this would not happen. Someone has to take a stand. If women are persecuted in this way you won't have any female fund managers. This could destroy me," she told the Evening Standard.
Carl & Ruth Shapiro Family Foundation – 99-year-old Boston philanthropist Carl Shapiro's foundation lost $145 million, almost half its money, according to the Boston Globe
Chais Family Foundation – Gives out some $12.5 million each year to Jewish causes in Israel, the former Soviet Union, and Eastern Europe; announced yesterday that it had closed after losing all of its money through investments with Madoff.
Elie Wiesel Foundation for Humanity – Invested money with Madoff — its losses are thus far unknown.
EIM Group – European investment manager has $230 million exposed.
Fairfield, Conn. – $42 million, or 15 percent of the town's retiree pension fund.
Fix Asset Management $400 million.
Madoff employees – "Generations of employees had worked for Madoff and invested their savings there."
Fred Wilpon – New York Mets owner, unknown.
Harel Insurance – Israeli investment service, $14.2 million.
HSBC – $1 billion at risk.
Avram and Carol. Goldberg – The Boston-based founder of the Stop & Shop supermarket chain and his wife lost $29 million, according to reports.
J. Ezra Merkin – The GMAC LLC chairman's Ascot Partners lost most of its $1.8 billion, according to the Journal.
Jewish Community Foundation of Los Angeles – $18 million of the Foundation's Common Investment Pool (currently valued at 11 percent of its assets) was invested with Madoff.
The JEHTFoundation As commenter Sleater noted below, the JEHT Foundation, a nonprofit in downtown New York that promoted reform of the criminal and juvenile justice systems, has been felled by Madoff and will close, according to its web site, at the end of January 2009. According to the Web site: "The funds of the donors to the Foundation, Jeanne Levy-Church and Kenneth Levy-Church, were managed by Bernard L. Madoff, a prominent financial advisor who was arrested last week for defrauding investors out of billions of dollars."
Julian J. Levitt Foundation – Texas-based Jewish charity, lost about $6 million.
Kingate Management Ltd. – $3.5 billion at risk, according to Bloomberg.
Korea Life Insurance Co – $50 million.
Korea Teachers pension – Has $9.1 million indirectly invested.
The Madoff Family Foundation – Madoff's own charity gave to the Memorial Sloan Kettering Hospital, Leukemia and Lymphoma Society, Lincoln Center, Robin Hood Foundation, and others. Its $19 million is gone, obviously.
Man Group PLC – The world's largest publicly traded hedge-fund manager, $360 million.
Maxam Capital Management – Darien-based hedge fund helmed by Sandra "Jerry Maguire of hedge funds" Manzke lost $280 million. "I'm wiped out," Manzke told the Journal.
M&B Capital Advisors – Spanish hedge funds had $578 million invested.
Mort Zuckerman, Daily News owner – "Significant exposure through a fund that invested substantially all of its assets with Mr. Madoff," according to the Journal.
New Jersey Senator Fra