Word: complaints
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Madoff, in jail since March 12, awaits sentencing for his masterminding of the decades-long crime, a billion-dollar Ponzi empire built at least half on the backs of feeder funds like Merkin's and one charged last week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...Massachusetts' suit, Galvin alleges Fairfield had "complete disregard of its fiduciary duties to its investors" and made "flagrant and recurring misrepresentations to its investors to the level of fraud." A Fairfield spokesperson said the complaint was false and misleading...
Similarly, New York Attorney General Cuomo's complaint against Merkin alleges he repeatedly lied to investors and prospective investors about how funds were invested...
...complaint charges Merkin with violations of New York's Martin Act, for fraudulent conduct in connection with the sale of securities, and New York's Not-For-Profit Corporation Law. In the suit, Cuomo is seeking payment of damages and disgorgement of all fees by Merkin, restitution, and other equitable relief...
...Galvin said yesterday in his complaint against Fairfield, these fund managers "misrepresented to clients the work they did" and "turned a blind eye" while "leaving their clients in the breach...