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TOKYO — Nomura Holdings said Monday it has 27.5 billion yen ($306 million) in exposure to a recently uncovered Ponzi scheme set up by a Wall Street money manager.
Japan's largest securities company is the latest victim to come forward to say it had been duped by Bernard Madoff. The once well-respected investor who served as chairman of the Nasdaq Stock Market was arrested Thursday in what prosecutors say was a $50 billion plan to defraud investors.
Nomura said in a statement any losses from the exposure were likely to be limited compared to its capital base.
A number of global financial institutions, hedge funds, charitable organizations and wealthy private investors have said they had exposure to Madoff's investment pool.
French bank BNP Paribas said Sunday its risk exposure could lead to about $470 million in losses. Media reports have said Europe's second-largest banking consortium, Spain's Grupo Santander SA, also has extensive exposure to Madoff's funds.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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- Regions: Japan , Spain , Tokyo
 | Alleged Madoff fraud has worldwide exposure | Associated Press | Thu Dec 11 | 1 |
| French bank foresees possible euro450 million loss | Associated Press | Mon Dec 15 | 0 |
 | More Banks Reveal Madoff Exposure | The New York Times | Mon Dec 15 | 1 |
| RBS and Man Group report exposure to Madoff fraud | Associated Press | Mon Dec 15 | 0 |
| Two banks exposed to '$50bn con' | BBC News | Mon Dec 15 | 7 |
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{"commentId":4429505,"authorDomain":"johnmcd"}
The amount might be insignificant but the confidence in Nomura and other financial insitutions who fell for a Ponzi scheme will drop significantly. 50 Billion is a huge amount of money, so the list of victims will be very large. Will Nomura or the other large institutions absorb some of their client' non insured losses?
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#1 - Sun Dec 14, 2008 11:20 PM EST{"canLink":false,"threadId":"444260","isPrivate":false}
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