IOC Loses in Madoff Fraud

The International Olympic Committee (IOC) announced this week that they are one of the victims of the $50 billion investor ponzi scheme orchestrated by Wall Street financier Bernard Madoff. The organization estimates its loses to be around $5 million. IOC Chairman, Richard Carrion told the Associated Press that they have approximately $4.8 million at risk and anticipate a maximum loss. However, IOC spokeswoman, Emmanuelle Moreau added that the loss would have a minimum impact on the group’s future plans.

Bernard Madoff, the former head of the NASDAQ stock exchange, was arrested on December 11 (2008) and charged with securities fraud. He was turned in by one of his sons, an employee of the firm, after he admitted to him that the firm was one giant ponzi scheme.

^{(photo: Newscom)}