Friday, January 30, 2009

Former Merrill Lynch big wigs invested with Madoff

Former Merrill Lynch & Co. executives Daniel Tully and Barry Friedberg said they lost money by investing with Bernard Madoff through a fund started by another ex-colleague, John “Launny” Steffens.

The former executives may be among the highest-level Wall Street executives to reveal they were duped by Madoff, 70, who was arrested Dec. 11 after saying he’d been using money from new investors to pay off old ones in a $50 billion Ponzi scheme. Both said they had “very little’’ invested with Madoff.

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