Sunday, 29 November 2015
Last updated 1 day ago
Jul 21 2010 | 12:13pm ET
The court-appointed trustee in the Bernard Madoff Ponzi scheme case has sued 19 people and 34 affiliates with ties to Madoff feeder fund Fairfield Greenwich Group, including the hedge fund firm’s three founders.
Irving Picard said the Fairfield Greenwich employees and entities “engaged in a systematic, purposeful enterprise with Madoff to maintain and profit from a fraud and wrongly enrich themselves.” The receiver is seeking more than $3.6 billion in the lawsuit, filed yesterday in Manhattan bankruptcy court, roughly half of the $7.5 billion Fairfield Greenwich investors lost in the Madoff fraud.
“The defendants did not properly, independently and reasonably perform due diligence into the many red flags strongly indicating Madoff was a fraud,” the complaint alleges. “The defendants did exactly the opposite.”
Picard first sued three Fairfield Greenwich entities last year. Among the new defendants are Walter Noel, Andres Piedrahita and Jeffrey Tucker, the firm’s three founding partners. The defendants denied the new allegations.
“The Madoff trustee’s amended complaint is replete with false, misleading and rehashed accusations,” the firm said in a statement.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…