Word: feeder
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...Through this entanglement of feeder funds, international hedge funds, sub-partnerships and pension funds, with thousands of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his ragtag band of family members, small-time accountants and clerks furiously cranking out false statements...
...ourselves. Bernard Madoff built his $65 billion Ponzi empire at least half on the backs of his feeder funds, like the one charged this 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 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 Brighton Co., run by Stanley Chais, one of three he ran. (See pictures of the demise of Bernie Madoff...
...thing that should have raised suspicions is that the bank's review of its own investments caused it to pull $250 million from a Madoff feeder fund, Fairfield Greenwich, just months before Madoff was arrested. Chase took this action because it became "concerned about the lack of transparency," and its due diligence "raised doubts" about Madoff's operation...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...