Thursday, December 25, 2008

Madoff Victims from Kuwait


Other investors for whom Toub is listed as the agent include the Public Institute for Social Security, apparently a reference to the Kuwaiti government agency; the National Bank of Kuwait; and Safra National Bank of New York, controlled by the Safra family of Brazil.

Madoff fraud rippled around the world - International Herald Tribune

Some of the victims of the Madoff Ponzi scheme which lost $50 billion of investors funds are apparently Kuwait's PIFSS and NBK (not sure if NBK is on behalf of clients or their own investments). Interesting enough the same article cited above from the International Herald Tribune also appeared in the New York Times but did not mention PIFFS.

Other investors for whom Mr. Toub is listed as the agent include the Safra National Bank of New York and the National Bank of Kuwait.

Madoff Scheme Kept Rippling Outward, Across Borders -

Let's hope our retirement funds are safe!

1 comment:

Anonymous said...

Thanks for the link to the IHT article. Most detailed article I've read on the victims of Madoff... including ADIA! As Sebastian Brant said in 1494: "The world wants to be deceived."