Larry King too fell 'victim' to $50bn Madoff investment scam

Larry King is reportedly the latest name to join the victims of Bernard Madoff's 50 billion dollar Wall Street investment scam.

The CNN host of Larry King Live was said to have lost "over 1 million dollars with Madoff", the perpetrator of the biggest financial fraud in history who had been arrested and charged with securities fraud on December 11 last year.

Madoff allegedly headed the fraud through Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.

And now King, who has faced bankruptcy in 1978, was reported to have been cheated as well along with many other wealthy victims from all over the world including the wealthiest woman in the world Liliane Bettencourt, Alicia Koplowitz, the Spanish billionaire, and director Steven Spielberg.

"It was a lot of money," The New York Post quoted a source as saying,

King's rep, Howard Rubenstein, refused to comment.