Thierry Magon de La Villehuchet
Thierry Magon de La Villehuchet | |
---|---|
New York City, New York, United States | |
Cause of death | Suicide |
Occupation | Investment manager |
Known for | Founder of Access International Advisors |
Relatives | Bertrand Magon de La Villehuchet (brother) |
René-Thierry Magon de la Villehuchet (23 April 1943 – 22 December 2008) was a French
Early life
René-Thierry Magon de la Villehuchet was born in
Career
In New York, de la Villehuchet was head of Interfinance, a brokerage firm, before becoming chairman and CEO of
Later, he founded Access International Advisors, a research analyst investment agency which specialized in managing hedged and structured investment portfolios that involve commercial physical and biological research.[8][9] It had connections to wealthy and powerful aristocrats from Europe. Villehuchet's family had done business with many of these aristocrats and their ancestors for almost 300 years.[10]
Funds managed by de la Villehuchet enlisted intermediaries with links to some of Europe's high society to garner clients. The
According to The New York Times, de la Villehuchet's older brother Bertrand said his brother was connected to Madoff by Thierry's partner in AIA, Patrick Littaye, another French banker, and that Thierry had not known Madoff personally. "He had a true concept of capitalism", Bertrand Magon de la Villehuchet, 74, said of his brother, quoted in the Times. "He felt responsible and he felt guilty. Today, in the financial world, there is no responsibility; no one wants to shoulder the blame."[4]
Bloomberg reported Bertrand had invested 20% of his assets in an AIA/Madoff fund and also reported René-Thierry had founded Access in 1994 with Littaye. The two had met at
Personal life
Thierry de la Villehuchet resided in
Over the last two decades of his life, de La Villehuchet was renovating and organizing the archives of Le Château de Plouër[13] in Plouër-sur-Rance, Brittany, which he inherited from an uncle.[4]
Death
On 23 December 2008, de la Villehuchet was found dead in his company office on Madison Avenue in New York City[14] - the first casualty of the Madoff investment scandal.[15] He was 65.
The AIA Group had lost $1.5 billion, including de la Villehuchet and Littaye's personal fortunes. de la Villehuchet had been warned months earlier that Madoff might be engaging in fraud, but dismissed the warning.[16] After Madoff's Ponzi scheme imploded, he held some hope that he would be able to recover a portion of his money,[10] but by 18 December, a week after Madoff's arrest, he realized that he and AIA were finished.[17] He had no means to pay his employees, and there were rumours of criminal charges in Europe. A friend told him, "your professional life is over."[17] When it became apparent that the money was irretrievably lost, he chose to take his own life.[10]
It was determined that de la Villehuchet died by suicide on the night of 22 December. He locked himself in his office, took
References
- ^ U.S. Public Records Index, 1950–1993, Volume 1
- ^ U.S. Social Security Death Index, 1935–2014
- ^ Biseau, Grégoire (26 December 2008). "Thierry avait entraîné tous ses amis dans cette affaire". Libération (in French). Retrieved 7 July 2017.
- ^ a b c d e f Berenson, Alex, and Matthew Saltmarsh, "Madoff Investor's Suicide Leaves Questions", The New York Times, 2 January 2009, p. B1.
- ^ Gröndahl, Marie-Pierre (30 December 2009). "Le suicide pour l'honneur de Thierry de La Villehuchet". Paris Match (in French). Retrieved 7 July 2017.
- ^ a b "Biographie de Thierry Magon de La Villehuchet AIA Group" (in French). Edubourse. 21 October 2021.
- ^ Faujas, Alain (25 December 2008). "Thierry Magon de La Villehuchet". Le Monde (in French). Retrieved 7 July 2017.
- ^ archive.org copy of Access International Advisors website
- ^ Access International Advisors profile, Manta.com. Retrieved 3 February 2016.
- ^ ISBN 978-0-470-55373-2.
- ^ a b Katz, Alan, "Madoff Investor's Suicide Was an 'Act of Honor' Brother Says", Bloomberg News, 2 January 2009. Retrieved 3 January 2009.
- ^ Zuckerman, Gregory, and David Gauthier-Villars, "A Lonely Lament From a Whistle-Blower", The Wall Street Journal. Retrieved 3 February 2016.
- ^ Keller, Greg. "Thierry Magon de la Villehuchet, Madoff Investor Who Committed Suicide, Lost Family Fortune". HuffPost. Retrieved 6 February 2016.
- ^ "Company Address". Archived from the original on 22 January 2009. Retrieved 28 December 2008.
- ISBN 978 2 35055 217 0
- ISBN 1422945235
- ^ ISBN 9780061870774.
- ^ Gendar, Alison; Feiden, Douglas (23 December 2008). "Hedge fund founder Thierry de la Villehuchet kills self after losing $1B in Madoff scandal". NY Daily News. Archived from the original on 6 September 2012.