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PrintMarc Rich was among Madoff’s victims
NEW YORK (JTA) -- The one-time fugitive financier Marc Rich lost between $10 million and $15 million in the Bernard Madoff scheme, according to the New York Times.
Rich invested with Madoff through J. Ezra Merkin, whose Ascot Partners lost $1.8 billion with Madoff, The New York Times reported.
Rich, the commodities broker who fled to Switzerland in 1983 to avoid charges in his own financial scandal, was pardoned in 2001 in a highly questioned move by then outgoing president Bill Clinton.
“We can confirm that the Marc Rich Group and Marc Rich have an insignificant exposure held indirectly, which has no material impact on the overall financial situation of the group,” a spokeswoman for Rich told Bloomberg News, the Times reported.
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Jacob Berkman is JTA's chief philanthropy correspondent. Read his blog (TheFundermentalist.com) and sign up for his weekly newsletter at http://www.jta.org/user/register.
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