Liliane Bettencourt, the world’s wealthiest woman and heiress to the L'Oreal empire, entrusted part of her $22.9 billion (£15.5 billion) fortune to Bernard Madoff through the fund manager found dead in New York yesterday.

Ms Bettencourt, the daughter of L’Oreal founder Eugene Schueller, was the first investor in a fund managed by Access International Advisors.

Thierry Magon de la Villehuchet, the co-founder and chief executive of Access International, was found dead in his office in New York yesterday.

It appears that he committed suicide.

Mr Villehuchet was said to be "devastated" when news of the $50 billion Ponzi scheme perpetrated by Mr Madoff - the biggest corporate fraud in history - emerged, and he feared clients would turn against him in the courts.

He had been trying for a week to recover at least $1.5 billion in European funds that Access International had invested through Mr Madoff's business, The Wall Street Journal reported.

Access, which had $3 billion under management, raised money mainly from wealthy European investors.

It admitted in a letter to clients on December 12, the day after Mr Madoff's arrest, that funds including its LUXALPHA SICAV-American Selection were invested solely with Mr Madoff’s investment firm.

Ms Bettencourt, 86, joins a list of wealthy individuals from all over the world who have been hit by the biggest ever financial fraud.

Alicia Koplowitz, the Spanish billionaire, Steven Spielberg, the Hollywood director and Elie Wiesel, the Nobel laureate, have all been affected.

“More high-profile names who have been victimised by Madoff will start to become known now,” said Ron Geffner, who represents hedge funds at the New York-based law firm Sadis & Goldberg LLP. “There’s a strong sense of anguish, fear and distrust.”

Ms Bettencourt was placed 17 in Forbes’ list of the world’s richest people in 2008, the highest-ranking woman.

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