Madoff-scarred victim turns to Chinese private banks for cure

Tang Jun, the former Microsoft China chief executive officer and the only known Chinese victim in the Bernard Madoff scandal, has decided that Chinese private banks are a much safer place to invest his assets.

Tang consigned his investments abroad to four foreign professional financial companies, which entrusted large parts of their portfolios to Madoff. At the end of last year, Tang estimated that he lost $2.76 million in the scandal.

"After the Madoff scandal, foreign private banks began curtailing their visits to clients. They promised to spare no efforts to get the money back, but there has been no feedback for several months," Tang said in an interview with the 21st Century Business Herald.