Rene-Thierry Magon de la Villehuchet, a founder of the hedge fund Access International Advisors, was found dead Tuesday in his office in Manhattan. His fund reportedly lost as much as $1.4 billion that had been invested with Bernard L. Madoff, the money manager accused of running a $50 billion Ponzi scheme.
A spokeswoman for the New York City Medical Examiner confirmed to Reuters that Mr. de la Villehuchet was pronounced dead Tuesday morning at a Madison Avenue building.
Authorities told DealBook that Mr. de la Villehuchet was found in his office with injuries to his arms, having apparently slit his wrists.
Mr. de la Villehuchet, 65, had been trying to recover the money that Access International raised in Europe and invested through Mr. Madoff’s business, according to La Tribune, which first reported the news, citing an unnamed source.
Luxalpha, a $1.4 billion Luxembourg-based fund sold across Europe, invested in Bernard L. Madoff Investment Securities. Access International last week called Mr. Madoff’s arrest “a shocking development” in a note to investors. Investors in the fund included a unit of Rothschild and several clients of the Swiss bank UBS.
UBS had been the custodian and administrator of the fund until this year when Access International took over. No one answered the phone at Access International’s New York office. No one responded to a phone call to Mr. de la Villehuchet’s home.
UBS has stated that Mr. Madoff was not on the bank’s wealth management recommended list as a direct investment option but it produced and sold funds containing the investment manager’s products. UBS would establish fund of funds structures at clients’ requests.
By early afternoon, a small scrum of reporters and photographers had gathered in front of the narrow entrance to Access International’s office in midtown Manhattan.
Tuesday, December 23, 2008
Obama's Opulent Vacation Digs
It won't be a white Christmas for the Obamas, that's for sure.
The future first family is enjoying some R&R in sunny Hawaii where, reports CBS News correspondent Ben Tracy, they're renting a palatial home-away-from-home: a $9 million, five bedroom house fronting a golden stretch of sand in the exclusive Oahu enclave of Kailua.
"It's high-end," concedes the home's owner, David Zimel, who says it's fit for a president.
There's "beautiful stonework throughout, some from Peru, some from Jerusalem, some from Italy," Zimel points out.
Paparazzi on the beach are being watched themselves by the Secret Service, but one fotog did manage to get a shot of the president-elect in his least formal wear: without a shirt.
Neighbors don't seem to mind the roadblock on their street, if it means seeing Mr. Obama.
"I wouldn't call it a big pain at all," says Steve May. "I think it's worth the effort and doesn't take long at all" to get around despite the temproary obstacles.
The Obamas chose the home they did in part because it's at the end of a secluded beach, Tracy observes, unlike the tourist-filled Waikiki beach a half-hour away.
And even though they're on vacation, the Obamas have been hitting the gym each morning at a nearby military base.
On Monday, Mr. Obama posed for pictures with Marines on his way out.
He also teed up 18 holes of golf, but says his game needs work.
The Obamas arrived in Honolulu Saturday, a homecoming of sorts for Mr. Obama, who spent most of his childhood in Hawaii and is treated like a neighbor.
"We respect their privacy," says Lawrence Becker, who lives near the Obama vacation spot, "and just want them to have a good time before he gets into the heat of battle."
It's a battle that begins in just 28 days, Tracy notes.
The future first family is enjoying some R&R in sunny Hawaii where, reports CBS News correspondent Ben Tracy, they're renting a palatial home-away-from-home: a $9 million, five bedroom house fronting a golden stretch of sand in the exclusive Oahu enclave of Kailua.
"It's high-end," concedes the home's owner, David Zimel, who says it's fit for a president.
There's "beautiful stonework throughout, some from Peru, some from Jerusalem, some from Italy," Zimel points out.
Paparazzi on the beach are being watched themselves by the Secret Service, but one fotog did manage to get a shot of the president-elect in his least formal wear: without a shirt.
Neighbors don't seem to mind the roadblock on their street, if it means seeing Mr. Obama.
"I wouldn't call it a big pain at all," says Steve May. "I think it's worth the effort and doesn't take long at all" to get around despite the temproary obstacles.
The Obamas chose the home they did in part because it's at the end of a secluded beach, Tracy observes, unlike the tourist-filled Waikiki beach a half-hour away.
And even though they're on vacation, the Obamas have been hitting the gym each morning at a nearby military base.
On Monday, Mr. Obama posed for pictures with Marines on his way out.
He also teed up 18 holes of golf, but says his game needs work.
The Obamas arrived in Honolulu Saturday, a homecoming of sorts for Mr. Obama, who spent most of his childhood in Hawaii and is treated like a neighbor.
"We respect their privacy," says Lawrence Becker, who lives near the Obama vacation spot, "and just want them to have a good time before he gets into the heat of battle."
It's a battle that begins in just 28 days, Tracy notes.
Credit to CBS News
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