Madoff assets 'will not be disclosed'

5 January 2009

The Securities and Exchange Commission (SEC) is to withhold public access to a list of Bernard Madoff's assets filed earlier this week, according to reports.

The move will come as a "disappointment" to investors looking to recover their money through legal actions, the Telegraph said.

It comes as the list of high-profile victims of the Wall Street broker's alleged $50 billion Ponzi scheme continues to grow.

Among the latest to confirm losses are ex-hedge fund manager Michael Steinhardt, who told Bloomberg that he has lost around $2 million investing with the financier Erza Merkin, who funneled the money to Mr Madoff's brokerage firm.

"If [Mr Merkin] gave some of my money to Madoff and earned fees for doing so, it was not inconsistent with his agreement to manage my money in the best way he could," Mr Steinhardt said.

New York University has also filed a $24 million action against Mr Merkin and his funds for investing with Mr Madoff without performing due diligence.

Elsewhere, the Hollywood actor Kevin Bacon is said to have lost "millions" to the Madoff scandal, the Telegraph noted.





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