Liliane Bettencourt, the world's wealthiest woman, entrusted part of her US$22.9 billion ($39.9 billion) fortune to Bernard Madoff through a fund manager found dead in New York, two people familiar with the matter said.
The 86-year-old daughter of L'Oreal founder Eugene Schueller was the first investor in afund managed by Access International Advisers, the people said, speaking on condition of anonymity because her investment isn't public.
The body of Access co-founder Thierry Magon de La Villehuchet, 65, was found in his Madison Ave office on December 23. Police said he probably killed himself.
"More high-profile names who have been victimised by Madoff will start to become known now," said Ron Geffner, who represents hedge funds at the New York-based law firm Sadis & Goldberg.
"There's a strong sense of anguish, fear and distrust."
Bettencourt is ranked 17th on the Forbes list of the world's richest people in 2008, the highest-ranking woman.
She holds a 30 per cent stake in Paris-based L'Oreal, the world's largest cosmetics maker, according to Bloomberg data.
She inherited L'Oreal in 1957 when her father died and holds a seat on its board.
