Word: madoff
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...1990s, Madoff used his success as a market maker to help launch an asset-management firm. Madoff raised money for his fund by exploiting his social network, often courting investors at country clubs where he or family members belonged. At the Palm Beach Country Club, Madoff reportedly found a major investor who helped attract other members for Madoff's fund...
...Many of Madoff's clients invested in his funds through a number of feeder funds, which were sold by other firms. Like supermarket brands, the funds carried the name of the investment-adviser firm, which then sent the money to Madoff to be managed. One such fund, the Tremont Broad Market Fund, attracted billions of dollars to Madoff. Many of these funds leveraged their own investment in Madoff's funds, which could amplify the losses felt by the collapse of Madoff's firm. (See the top 10 worst business deals...
...Another Madoff feeder fund was run by Maxam Capital. The head of that firm, Sandra Manzke, a former head of Tremont, has recently been outspoken about misbehavior in the hedge-fund industry. She recently sent a letter out to hundreds of hedge funds berating them for their large fees and for halting client redemptions when funds were down. "I am appalled and disgusted by the activities of a number of hedge-fund managers," she wrote in late November...
...Madoff was a donor to the Democratic Party and to Jewish organizations. A number of large Jewish charities are expected to be among the investors who lost money in Madoff's funds. Madoff was chairman of the board of Yeshiva University's Sy Syms School of Business and treasurer for the university's board of trustees. A representative for Yeshiva said the university was still trying to find out if the institution had invested money with Madoff. Also among Madoff's investors was Fred Wilpon, owner of the New York Mets, whose investment firm reportedly had as much...
...shocked at this revelation," said the university representative. "Bernard Madoff has tendered his resignation from all positions and involvement with the university. Our lawyers and accountants are investigating all aspects of his relationship to Yeshiva University...