Canadian Clients Get Burned - Bernie Madoff Scam

Canadian Clients Get Burned - Bernie Madoff Scam
I was just notified that some RBC clients got burned in the Bernie Madoff - $50 Billion ponzi scam.

According to this Report on Business article RBC clients invested less than $50-million with Madoff
BOYD ERMAN
Globe and Mail Update
December 15, 2008 at 12:16 PM EST
Clients of Royal Bank of Canada have less than $50-million invested in funds run by Bernard Madoff, who is accused of losing more than $50-billion (U.S.) in what may prove to be the largest financial fraud in U.S. history.

The downfall of the Madoff fund empire has “no impact on RBC and minimal impact on our clients,” said Katherine Gay, a spokeswoman for the bank.

I just checked the other major Canadian banks and couldn't find any news on them being exposed to the Bernard Madoff scam.

I guess the question that is on everybody's mind... what did Bernie Madoff do with $50 billion that it's all gone?

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2 Comments
On Jan 12, 2009, Derek Said:
Maybe he funded Obamas campaign
On Dec 15, 2008, Paul Fraser Said:
RBC Bank President Gordon Nixon - Salary $11.73 Million $100,000 - MISTAKE (FISHERMEN'S LOAN) I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account. There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract. Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC. Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria. Phone or e-mail: RBC President, Gordon Nixon, Toronto (416)974-6415 RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821 RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600 RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca http://www.corporatebully.ca http://www.youtube.com/CORPORATEBULLY http://www.p2pnet.net/story/17877 "Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"