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December 22, 2008
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In His Ring: IOC Has $4.8M At Risk In Madoff's Alleged Ponzi Scheme

IOC Finance Commission Chair Richard Carrion said that the IOC has "about $4.8[M] at risk in the alleged Ponzi scheme" by former NASDAQ Chair Bernard Madoff, who was arrested for securities fraud, according to Chris Lehourites of the AP. Carrion: "It's a little over 1[%] of the money in the portfolio. It is possible that we could lose a substantial portion of that. That is not something that makes us very happy." But IOC Media Relations Manager Emmanuelle Moreau said that the Madoff affair "would have 'limited impact' on the IOC's overall finances." Carrion said that the IOC "has policies in place to limit major concentrations of money, but the Madoff scam has caught the organization off guard." Carrion: "This is obviously something unexpected because this is a fraud. It's never any fun when you lose money." The IOC's link to Madoff was first reported by the Wall Street Journal (AP, 12/21).

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