Word: madoff
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...There were a couple of factors at play with Madoff feeder funds. The first: the giddily enormous fees for the feeders...
...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...
...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...
...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 $175 million before Madoff's arrest on Dec. 11, 2008. The foundation is now kaput, as is Chais' financial sub-empire and as is, for that matter, my retirement. Chais has several lawsuits pending against him, including one by Eric Roth, the Hollywood screenwriter...
...Anyone investing with Chais, Merkin and Noel probably never heard of Bernard Madoff. Why? Simple: the money...