Word: chaises
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Dates: during 2000-2009
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Fairfield, Madoff's largest feeder, with some $7 billion invested in his mad world, was run by socialite Walter Noel. But there were dozens of others run by a variety of unregistered funds and characters, including the Ascot Partners fund, run by Ezra Merkin, and on the West Coast, the...
Having been a victim myself, through Madoff's West Coast feeder stalwart Chais, I know firsthand all about the high fees: 25% of income earned. Chais isn't talking, but that adds up to real money, enough to create, in his case, a foundation, the Chais Family Foundation, purportedly worth...
Anyone investing with Chais, Merkin and Noel probably never heard of Bernard Madoff. Why? Simple: the money.
In our family's case, after decades of investing, and politely asking at cocktail parties how the arbitrage formula worked, and being politely rebuffed, it was made very clear by Chais that he was managing things - or his "New York people" were, "his brokers." Yeah, we bought it; he was...
It is known that feeder funds such as Fairfield Greenwich, Ascot Partners and Chais Investments, which are listed in the court document, had thousands of individual investors who placed billions into Madoff's Ponzi. These victims are not part of the list.