Nancy Silverton loses millions in Madoff investment
Add L.A. food guru Nancy Silverton to the list of victims of the Bernard Madoff scam. And she ignored the advice of dad. More from The Times' Claudia Eller:
It's a good thing Nancy Silverton still has her day job. The La Brea Bakery founder and queen of L.A.'s restaurant scene is among the legions of investors who've lost their fortunes in the alleged $50-billion fraud attributed to New York financier Bernard L. Madoff. The financial pain is bad enough, Silverton says, but what makes it worse is that she ignored the advice of her father and others who warned her to diversify her investments. Instead, after walking away with a profit of more than $5 million from the sale of La Brea Bakery in 2001, Silverton put all of her money in a fund affiliated with a Beverly Hills advisor, who in turn entrusted the funds to Madoff. "I was silly and I learned a lot," said Silverton, 54, who is an owner of Pizzeria Mozza and its neighboring Osteria Mozza in Hollywood. "I will never not diversify."
-- Shelby Grad