This post is authored by Valentin Mandache :
It was revealed in an article published in The Times on 6 February 2009 that Prince Charles has been a target of agents working for a fund connected with Bernard Madoff, the New York financier suspected of running the largest Ponzi scheme in history.
The heir to the throne is named alongside European aristocracy in documents supplied to US prosecutors. He was allegedly approached by Prince Michael of Yugoslavia at a Polo tournament in 2002 which was also attended by Prince William and Prince Harry. Prince Michael, a distant cousin of Crown Prince Alexander of Yugoslavia, was an investment executive of Access International Advisors, which was a Madoff feeder fund.
Prince of Wales declined to invest in that fund, which was run by Thierry Magon de La Villehuchet, who recently committed suicide because of links with Madoff’s operations.
The future King was allegedly sounded out by Prince Michael who along with Philippe Junot, the first husband of Princess Caroline of Monaco, used to seek investors on the stamping grounds of the rich from the ski slopes of Switzerland to Monte Carlo and the Mediterranean.
The alleged attempt to involve the Prince of Wales was disclosed in the papers of Harry Markopolos, who tried in vain a decade ago to alert the authorities about the fraudulent nature of Madoff’s business.
Interesting to note is that Madoff was a master in attracting investors that were similar in their social make up and background with the owner of the feeder funds, in this case de la Villehuchet was a French aristocrat who actively sought other gullible aristocrats and even royals to invest in his Madoff linked funds.
It is possible that the investigators would find a number of aristocrats and royals among Madoff’s portfolio. In that case, their name will eventually emerge once the official scrutiny is over. It just shows that the big financial fraud does not have any borders and affects all social class spectrum, including well educated and supposedly well versed in business aristocrats and royals.
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