Word: feeder
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Dates: during 2000-2009
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...What's more, Madoff is reportedly trying to negotiate a plea agreement that could conclude the fraud case against him without a trial. But that's just the beginning of Litt's work. Madoff took as much as $50 billion from investors around the world, working with dozens of feeder funds and other middlemen to lure money into his scheme. Litt will have to decide who among these people is at fault as well. And he will have to do so in an environment in which many powerful and formerly wealthy people are angry. Madoff says he acted alone, complicating...
...Bernie Madoff come to have two classes of investors - the first-class crowd enjoying SIPC support, and the rest of us in coach? The Securities and Exchange Commission (SEC) encouraged the growth of unlicensed, unregistered feeder funds when it liberalized investing rules in the 1996 National Securities Markets Improvement Act, now part of the Investment Company Act of 1940. As a result, anyone managing pooled investments held by fewer than 100 people, or managing monies for an unlimited number of "qualified purchasers" (investors with more than $5 million or institutions with more than $25 million), need not worry about...
...Madoff, the "sophisticated swindler," couldn't have agreed more. Some unregistered feeder funds, like the one I and others invested in, had $500 million or more in them and were the early engines of Madoff's dubious success...
...sure it would have helped stop this crime, but earlier transparency, or registration for the sponsor group [feeder fund] has a logic to it now," says Barbash. "Certainly, I think greater protection would have come if Madoff was forced to register...
...believes the Madoff case "has changed things." Kundro told Bloomberg TV last week that the Madoff fraud was a unique situation that added to the overall crisis in investor confidence. Since Madoff, Kundro said, there is "now a fundamental shift in thinking that some regulation may be needed for feeder funds...