Bad Year Gets Worse for Eliot Spitzer: His Real Estate Firm Invested With Madoff
Surely 2008 must already have been a year that former New York Gov. Eliot Spitzer won’t remember as a particularly good one, after resigning from office over a prostitution scandal.
But it’s just gotten even worse for Spitzer, who is also a former state attorney general known for his crusades against investment fraud: His family’s real estate firm reportedly invested money with Bernard Madoff—yes, the same Bernard Madoff now under house arrest for allegedly operating a $50 billion Ponzi scheme under the guise of a profitable hedge fund, reports the Buffalo News, based on a National Public Radio Planet Money blog post.
“Spitzer did not say how much money was lost from his family’s investments with Madoff, who is accused of running an elaborate scheme that may have cost investors $50 billion,” the newspaper reports.
