Madoff Investor Awaits ‘Imbecile’ or ‘Dupe’ Verdict:
Patrick Littaye, co-founder of Access International Advisors, lost his savings after investing with Bernard Madoff, expects to lose his house in his hometown of Saint-Malo, France, and says he’ll canvass investors over the next few weeks to see whether he has also lost his business.
Littaye, 69, invested all of his own money with Bernard L. Madoff Investment Securities LLC last year, enticed by the firm’s positive returns as other hedge funds slumped. His error was compounded because he borrowed money to increase the return on his investment, leaving him with $4 million in personal debts, Littaye said in telephone interviews from Jan. 2 through Jan. 4. He declined to specify the amount he had lost.
“I’m going to sell everything I have and start over,” Littaye said from Brussels, adding that he planned to subsist on his French social security payments. “For Access, we’ll go to our investors over the next couple of weeks and we’ll see what they think of us.”
And some candor:
“I don’t know yet how our correspondents will receive us,” Littaye said. “Maybe as an honest imbecile, or an honest imbecile like 40 million others, or someone duped by a fraud. I don’t know yet.”
His business partner, René-Thierry Magon de la Villehuchet, famously committed suicided because of his shame. Meanwhile, no word from Walter Noel or J . Ezra Merkin, who were responsible for the loss of billions.
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