Junot came to public attention in 2008 when his business partner, René-Thierry Magon de La Villehuchet, with whom he founded the hedge fund Access International Advisors, was identified as having invested 95 per cent of its assets with the crooked financier Bernie Madoff.
Top shagger, less distinguished businessman. I note that de La Villehuchet did the honourable thing after losing his investors billions.
I wonder what the thinking was behind shoving most of the client capital into a single external fund? Sure, Access would get its 2%, but how long would clients put up with a strategy of “stick it all with this guy and go for lunch” even if Madoff had been genuine?
Bungs, I expect.
Although the Monaco girls are a pair of airheads who constantly marry the wrong guys. There are a lot of Paris Match readers out there…
Thing is, recovery from the Madoff Ponzi has been greater than the total amount invested. Everyone’s getting their capital back even if not their returns……the method was to say that any returns – the 12% – was a profit of the scam so those who were getting the 12% for decades have to pay it all back….
That’s a good incentive to do some due diligence, although from Western Bloke’s comment below it wasn’t enough of an incentive although they had figured him out to be a wring ‘un.
His partner features in the book No One Would Listen. Killed himself over it.
The guy who wrote that book said that the reason most of these guys got burned wasn’t that they thought Madoff was running an honest fund but that it was crooked in another way. That Madoff was using his Nasdaq links to do front running. But they wouldn’t be affected much if he was caught.
It’s very hard to cheat an honest man.