Friday, 22 August 2014
Last updated 4 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note