NJ Sen. Lautenberg among potential fraud victims
Legal Business 2008/12/15 09:03
New Jersey U.S. Sen. Frank Lautenberg is on the growing list of potential victims of what prosecutors are calling a multibillion-dollar Ponzi scheme run by New York money manager Bernard Madoff.
Lautenberg spokesman Scott Mulhauser says the senator was an investor in Madoff's investment fund — primarily in the form of the Lautenberg family's charitable foundation.
The 70-year-old Madoff was arrested Thursday in what prosecutors say was a $50 billion scheme by the Wall Street veteran to defraud investors.
Lautenberg is among a growing roster of potential victims. Those who have acknowledged potential losses so far include former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services, among others.
