Word: fairfielders
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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...
...Fairfield, Madoff's largest "feeder," with some $7 billion invested, was run by socialite Walter Noel. Through this entanglement of feeder funds, international hedge funds, sub-partnerships, and pension funds, with thousand of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his band of family members, small-time accountants, and clerks furiously cranking out false statements...
...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...
...course, we know now there was no actual work going on, either by Chais' New York people (i.e. Madoff), or by himself, except collecting money and distributing money, much like Madoff and Fairfield Greenwich, and all the other feeder funds. Chais' lawyer, Eugene Licker of Loeb & Loeb, was unavailable for comment. Ezra Merkin's lawyer, Andrew Levander of Dechert LLP, was also not available for comment...
...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...