Steven Spielberg’s charitable foundation has reportedly fallen victim to the massive $50 billion fraud scandal which is currently rocking America’s Wall Street.
US financial heavyweight Bernard Madoff was arrested last week for allegedly confessing to ciphering billions of dollars from his clients. The scam which collapsed after people began asking for their money back due to the global financial crisis.
And now it has been revealed that Spielberg’s Wunderkinder Foundation has been affected by the alleged fraud, because the organisation had a large portion of its assets invested with Madoff, according to the Wall Street Journal.
Other stars to be affected by the crisis include Spielberg’s partner at DreamWorks Animation SKG, chief executive Jeffrey Katzenberg, who sustained “millions in Madoff-connected losses” and Uma Thurman’s fiance, hedge-fund tycoon, Arpad Busson, who has an estimated $230 million tied up with Madoff.
Busson admits he is overwhelmed by the sheer scale of the losses.
He said: “For the amount of money and number of accounts, it’s practically impossible that he was doing this alone. What’s mind-boggling is the amount of time he was doing it. There’s only so much due diligence you can do. In hindsight, you always wish you could have done it differently.”
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