Top five op risk loss events in December 2008
1. Loss amount: $7.5 billion
Firm: Fairfield Greenwich Group
BIS event type: Theft and fraud
BIS business line: Asset management
Fairfield Greenwich Group lost as much as $7.5 billion due to Bernard Madoff's $50 billion Ponzi scheme. The US investment fund had the largest exposure of the more than 50 banks and hedge funds affected by Madoff's fraud. Other financial institutions with exposures in excess of $1 billion included Banco Santander, MassMutual Financial Group, Access International Advisers
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