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The company, a wholly owned subsidiary of Independence Holding Co. of Stamford, Conn., appeared on a 162-page list made public in U.S. Bankruptcy Court in New York City of several thousand clients who invested with Madoff.
Madoff was charged Dec. 11 by the Securities and Exchange Commission with securities fraud in an alleged multibillion-dollar Ponzi scheme in which prosecutors say Madoff admits he lost more than $50 billion belonging to investors.
Madison National president Larry Graber on Wednesday issued a brief statement:
"MNL suffered an insignificant loss, in relation to its statutory capital and assets, as a result of certain alleged activities engaged in by a non-affiliated broker-dealer. It has not had, and is not expected to have, any adverse effect on the operations of the company."
Meanwhile, state insurance officials say they are stepping up routine review of insurance companies that operate in Wisconsin.
"Because of the economic situation, we've sort of elevated our oversight overall of the insurance companies," said Jim Guidry, spokesman for the state Office of the Insurance Commissioner. "We have been doing extra due diligence as far as insurance company solvency."
According to regulatory filings, the Madoff firm had more than $17 billion in assets under management at the beginning of 2008. It appears virtually all assets of the advisory business are missing.
The list does not say how much money the clients lost nor does it spell out their specific connection to Madoff. According to a court filing, the list is made up of people and entities that appeared to have been customers of Madoff during the 12-month period leading up to his arrest in December. In Wisconsin, there are at least five individuals as well as Madison National Life Insurance on the list.
The SEC's complaint alleged Madoff told two senior employees his investment advisory business was a fraud. Madoff told these employees that he was "finished," that he had "absolutely nothing," that "it's all just one big lie," and that it was "basically a giant Ponzi scheme."
To see more of The Wisconsin State Journal, or to subscribe to the newspaper, go to http://www.wisconsinstatejournal.com. Copyright (c) 2009, The Wisconsin State Journal Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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