Steven Spielberg : Steven Spielberg, an investment fraud victim?

Steven Spielberg, along with Jeffrey Katzenberg, may never see a chunk of his millions
following reports that the director may have been another victim of fraudulent investment operation headed by fund manager Bernie Madoff.

Madoff, chairman of the Wall Street firm Bernard L. Madoff Investment Securities LLC, had been arrested and charged with securities fraud on December 11, reports Contactmusic.

Madoff’s swindle is alleged to involve up to 50 billion dollars in cash and securities through Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.

Wall Street Journal reported that Spielberg and Katzenberg had followed advise offered by financial consultant Jerry Breslauer – who himself is speculated to have suffered heavy
losses in the investor rip-off.

Both the co-founders of DreamWorks Animation studio were said to have been the only clients of Breslauer at that time. (ANI)