Nomura Has $306 Million Madoff Exposure
TOKYO -- Nomura Holdings (NMR) said Monday it has 27.5 billion yen ($306 million) in exposure to a recently uncovered Ponzi scheme set up by a Wall Street money manager.
Japan's largest securities company is the latest victim to come forward to say it had been duped by Bernard Madoff. The once well-respected investor who served as chairman of the Nasdaq Stock Market was arrested Thursday in what prosecutors say was a $50 billion plan to defraud investors. Nomura said in a statement any losses from the exposure were likely to be limited compared to its capital base. A number of global financial institutions, hedge funds, charitable organizations and wealthy private investors have said they had exposure to Madoff's investment pool. French bank BNP Paribas said Sunday its risk exposure could lead to about $470 million in losses. Media reports have said Europe's second-largest banking consortium, Spain's Grupo Santander(STD), also has extensive exposure to Madoff's funds.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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