Friday, 19 December 2014
Last updated 15 hours ago
Jun 29 2011 | 11:05am ET
The trustee in the Bernard Madoff Ponzi scheme has sued Citigroup's hedge fund administrator as part of his case against one of the fraudster's feeder funds.
Irving Picard said yesterday that he had served Citi Hedge Fund Services of Bermuda with a summons. The administrator, which Citi purchased in 2007, serviced the Kingate Global and Kingate Euro funds from 2000 through 2007, earning it more than $4.2 million.
But CHFS used Madoff's bogus numbers and trade confirmations that were "facially impossible" to value the feeder funds, Picard said. The trustee is seeking $975 million from the Kingate funds, and has also sued the funds' custodian, HSBC Bank Bermuda.
The Kingate funds are being liquidated in the British Virgin Islands.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.