Madoff investment scandal Madoff struggled to keep the scheme afloat. In November 2008, Madoff Securities International (MSIL) in London made two fund transfers to Bernard Madoff Investment Securities of approximately $164 million. MSIL had neither customers nor clients, and there is no evidence that it conducted any trades on behalf of third parties. Madoff received $250 million around December 1, 2008, from Carl J. Shapiro, a 95-year-old Boston philanthropist and entrepreneur who was one of Madoff's oldest friends and biggest financial backers. On December 5, he accepted $10 million from Martin Rosenman, president of Rosenman Family LLC, who later sought to recover the
Global Investment House and that HSBC had been appointed to deal with renegotiating this and other debts. Global Investment House Global Investment House (Global) is an investment company incorporated in 1998, and falls under the regulation of the Capital Markets Authority of Kuwait. In late 2008 and early 2009 Global was hit by cash flow problems affecting its operations in several countries. Kuwait's Global Investment House 2010 loss $260 million. Global’s assets under management as of December 2014 were KD 1.188 billion (USD 3.6 billion). On 22 December 2008, following Standard and Poor's downgrade of their debt to "speculative default" from investment grade