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Sunday, 25 January 2009

Zsa Zsa Gabor is said to have lost at least $7m

Veteran actress Zsa Zsa Gabor is said to have lost at least $7m as a result of investments with the accused US businessman Bernard Madoff. Ms Gabor, who is 92 next month, is said not to be taking the damage to her nest egg well. Bernard Madoff is accused of running a worldwide fraud that the authorities say may have cost investors $50bn. The once-respected money manager is under arrest at his Manhattan penthouse while an investigation continues. A lawyer for Zsa Zsa Gabor said the actress had discovered her losses in the last few weeks, adding that she may have lost as much as $10m. The Hungarian-born actress starred in films such as Moulin Rouge, Lili and Touch of Evil. If convicted, Mr Madoff faces up to 20 years in prison Famed for her rich husbands, she suffered a stroke four years ago. Ms Gabor is not the only Hollywood figure apparently to have suffered losses because of an investment connected to Mr Madoff. A foundation run by the Oscar-winning film director Steven Spielberg, and the actor Kevin Bacon and his wife, Kyra Sedgwick, are also reported to have fallen victim. Mr Madoff, 70, a former chairman of the Nasdaq stock market, was arrested and charged on 11 December in what would be Wall Street's biggest Ponzi scheme, one in which early investors are paid-off with the money of new clients.


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