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’The beautiful and the damned, Madoff feeder fund edition
Attention is turning to the family of Walter Noel, he of Madoff feeder-fund, Fairfield Greenwich Group.
His daughters, you see, were something of high society fixtures before Madoff’s Ponzi scheme came to light.
Fairfield Greenwich accused on Madoff
In the first regulatory action against one of the big so-called “feeder” funds that channelled money to Bernard Madoff, the top securities authority in Massachusetts on Wednesday accused Fairfield Greenwich – which lost more than $7.9bn in investments with Madoff – of deliberately ignoring the former broker’s Ponzi scheme.
Madoff investor warned its clients
A big investor in Bernard Madoff’s alleged $50bn fraud explicitly warned its clients that his brokerage “could abscond with those assets”, but still attracted $2.75bn, according to documents sent to investors,
Madoff loser eyes legal move on PwC
Fairfield Greenwich, believed to be the biggest single loser in Bernard Madoff’s alleged $50bn “Ponzi” scheme, is considering suing PwC, its own accountants, for failing to detect the fraud, as victims search for sources of compensation for their losses.