The International Olympic Committee (IOC) is not spared of the recent money scandal by New York financier Bernard Madoff.

IOC had close to $5 million in investments with Madoff hedge fund as announced by IOC finance commission chairman Richard Carrion.

The organization stand to lose all of it as the funds are not in Madoff funds, but in the hedge fund itself.

This however as stated by IOC will not affect the finance capacity of running the IOC or running the Olympics.

IOC currently have a reserve of $400 million stashed away.

The 70 year old former Nasdaq stock market chairman, Bernard Madoff is currently being investigated for swindling investers some $50 billion.