Dutch firms lose €1.9bn to Madoff fraud

The pyramid investment scheme set up by alleged US fraudster Bernard Madoff cost Dutch companies and individuals €1.9bn, according to estimates by the central bank.

Dutch banks had a minimum of €1.5bn invested in Madoff’s company, of which €922m came from Fortis. Pension funds had put €166m into Madoff while insurance firms lost €1m, the central bank says.
Private investors account for some €200m of the loss, finance minister Wouter Bos told MPs on Wednesday. More than a thousand private investors are involved.
Football coach Louis van Gaal, Queen Beatrix and her three sons Willem-Alexander, Constantijn and Friso are among those who are thought to have lost money.

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