Marc Rich, the fugitive financier pardoned by President Bill Clinton, invested with accused Ponzi scheme mastermind Bernard Madoff. “We can confirm that the Marc Rich Group and Marc Rich have an insignificant exposure held indirectly,” spokeswoman Monika Meili said in an e-mail. It had “no material impact on the overall financial situation of the Group,” she said.
The loss was in a range of $10 million to $15 million, the New York Times reported, citing an unidentified person familiar with Rich’s finances. Rich had invested with Madoff through money manager J. Ezra Merkin, the newspaper said.
Rich, 74, fled to Switzerland after his indictment in 1983 for tax evasion and buying oil from Iran in violation of U.S. sanctions. He was pardoned in 2001. Two companies associated with him that were also indicted pleaded guilty to tax charges and racketeering and paid $200 million in fines, according to Rich’s Web site.
Rich in 1974 founded what is now known as Glencore International AG, the world’s largest commodities trader. Rich sold the company to current owners in 1994. The firm was originally known as Marc Rich & Co.
Marc Rich Group, based in Zug, Switzerland, invests in real estate and hedge funds.
LOL
Just kinda brings a tear to my eye...sniff...NOT!
The loss was in a range of $10 million to $15 million, the New York Times reported, citing an unidentified person familiar with Rich’s finances. Rich had invested with Madoff through money manager J. Ezra Merkin, the newspaper said.
Rich, 74, fled to Switzerland after his indictment in 1983 for tax evasion and buying oil from Iran in violation of U.S. sanctions. He was pardoned in 2001. Two companies associated with him that were also indicted pleaded guilty to tax charges and racketeering and paid $200 million in fines, according to Rich’s Web site.
Rich in 1974 founded what is now known as Glencore International AG, the world’s largest commodities trader. Rich sold the company to current owners in 1994. The firm was originally known as Marc Rich & Co.
Marc Rich Group, based in Zug, Switzerland, invests in real estate and hedge funds.
LOL
Just kinda brings a tear to my eye...sniff...NOT!