Bernard Madoff ran a $50-billion Ponzi scheme promising high returns for the rich and famous. Auriga International Advisors, an offshore hedge fund for the ultra well to do, invested and lost $350-million in Madoff’s scheme. Indirectly. Auriga invested their money in Fairfield Sentry which invested all $7.3-billion of their investment assets in– here it comes— Madoff’s Ponzi scheme.
This is proof positive that the rich do not all always get richer.