The whole Bernard Madoff fraud scandal finally hit the fashion world, as some of his victims were revealed to be executives and former editors. Madoff, who was arrested last week on a securities charge, defrauded Adrienne and Luigi Vittadini; Nine West founder Jerome Fisher; Kay Windsor founder Carl Shapiro; Lee Mellis, former chief financial officer of Puritan Fashion Corp.; and Alexandra Penney, former editor-in-chief of Self, according to WWD.
Penney reportedly lost her entire life savings to Madoff, which reminds us all that the victims weren't all corporations and the shockingly rich. “There are people who are worse off than I am, but it’s the shock and trauma [of losing] every cent I’ve ever earned with my own brains,” Penney told WWD. "I never inherited a dollar or took a cent of alimony. It’s all gone, and I don’t know what I’m going to do.”
Madoff is currently under house arrest where he's awaiting trial. And as he stole much-needed funding from charities, we think we'll start calling him the Grinch from now on. Seems only fitting, no?
Madoff Scandal Hits Fashion Industry [WWD]
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Filed Under: Bernard Madoff, Crimes of Fashion
