Friday, 31 October 2014
Last updated 12 hours ago
Feb 2 2009 | 1:57am ET
A Bernard Madoff feeder hedge fund shop has sued its auditors, alleging they failed realize that something was afoot at what authorities are calling a $50 billion Ponzi scheme.
Darien, Conn.-based Maxam Capital Management, which lost about $280 million invested with Bernard L. Madoff Investment Securities, has accused Goldstein Golub Kessler and McGladrey & Pullen of negligence. The lawsuit, filed Friday in Connecticut Superior Court, alleges that the auditors offered “unqualified” opinions for the Maxam Absolute Return Fund’s financial statements, saying they represented the fund’s true financial position.
“Maxam intends to purse its legal rights to ensure that proper restitution is made to its investors,” Jonathan Cogan, a lawyer for Maxam, said in a statement.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.