A New York oil dynasty falls victim to Sam Bankman-Fried's FTX - after suffering big losses from Bernie Madoff and Enron
New York's Belfer family lost tens of millions of dollars of investments in Sam Bankman-Fried's bankrupt FTX,The famously philanthropic family had suffered big losses from Bernie Madoff's Ponzi scheme in 2008 and Enron's collapse in 2007.
Belfer Investment Partners maintained shares from FTX's equity fundraising efforts in 2021 and 2022, and also invested in the crypto firm's US business. Meanwhile, Lime Partners LLC also held shares in FTX and FTX US. Belfer Management LLC, which is the Belfer's family office, could not be reached for comment and declined to comment to the FT.
The family's fortune can be traced back to Arthur Belfer, who immigrated from Poland around World War II and began selling imported feathers before expanding to rubber and petroleum, according to the FT.
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