NEW YORK (Reuters) - The trustee for Bernard Madoff on Monday [May 18] sued funds run by Fairfield Greenwich Group, the confessed swindler's largest "feeder fund," for $3.5 billion, claiming it should have been aware he was engaged in fraud. Connecticut-based Fairfield Greenwich Group "worked closely" with Mr. Madoff and "knew or should have known" that he was engaged in fraud, according to documents that Mr. Madoff's trustee Mr. Picard filed in Manhattan bankruptcy court.
EDITOR'S NOTE: This story has been updated throughout. NEW YORK (Reuters) - The trustee seeking money for's victims struck an agreement to take over legal claims against the founders of the hedge fund firm Fairfield Greenwich Group, the largest feeder of cash to the Ponzi scheme.
Reid, Former Soros Director, Joins Fairfield Greenwich NEW YORK (HedgeWorld.com) - Alternative asset management firm Fairfield Greenwich Group recruited Douglas Reid, a former executive with Soros Fund Management, as managing director to FGG's investment committee, where his focus will be on multi-strategy and single- manager hedge funds.
NEW YORK (Reuters) - A federal judge refused to dismiss an investor lawsuit against Fairfield Greenwich Group, a hedge fund firm accused of funneling money to the now-imprisoned Bernard Madoff for his massive Ponzi scheme. In a 201-page ruling, U.S. District Judge Victor Marrero in Manhattan narrowed the lawsuit against Fairfield and other firms that provided administrative, custodial and accounting services.
BOSTON - Massachusetts Secretary of State William Galvin's office has rejected a proposed settlement by an investment firm to repay nearly $6 million to state investors who lost money in Bernard Madoff's fraudulent investment scheme. Galvin spokesman Brian McNiff said Sunday that his agency is not accepting New York-based Fairfield Greenwich Group's offer to fully refund nearly a dozen investors in the state because officials are still trying to identify all the affected investors.
NEW YORK (Reuters) - The trustee overseeing the liquidation of Bernard Madoff's financial advisory firm has sued 43 new defendants affiliated with a hedge fund firm that fed money to the now- imprisoned Ponzi schemer. Irving Picard, the court-appointed trustee, is seeking more than $3.6 billion in damages and to undo transfers to Bernard L. Madoff Investment Securities LLC orchestrated by Fairfield Greenwich Group, a "feeder fund" for Mr. Madoff's operations.
Editor's note: This version of the story adds details on the settlement and complaint BOSTON (Reuters) - Massachusetts' top securities regulator reached an $8 million settlement on Tuesday [Sept. 8] with Fairfield Greenwich Group for having invested the bulk of its clients' money with swindler Bernard Madoff.
BOSTON -- Massachusetts Secretary of State William Galvin's office has rejected a proposed settlement by an investment firm to repay nearly $6 million to state investors who lost money in Bernard Madoff's fraudulent investment scheme. Galvin spokesman Brian McNiff said Sunday that his agency is not accepting New York-based Fairfield Greenwich Group's offer to fully refund nearly a dozen investors in the state because officials are still trying to identify all the affected investors.
NEW YORK (HedgeWorld.com) - Fairfield Greenwich Group, a $16.1 billion New York-based alternative investment firm, has launched a new marketing unit that will act as a placement agent for third- party hedge funds, the firm said Thursday [Jan. 17]. The move illustrates the importance for some hedge fund managers that have reached a critical mass to diversify their business and expand it into areas other than pure investing, such as, in this case, sales. Other large firms have moved into different businesses as well. For instance Citadel Investment Group LLC last year launched a new fund administration unit and beefed up its clearing and brokerage activities.
BOSTON - Massachusetts Secretary of State William Galvin's office has rejected a proposed settlement by an investment firm to repay nearly $6 million to state investors who lost money in Bernard Madoff's fraudulent investment scheme. Galvin spokesman Brian McNiff said Sunday that his agency is not accepting New York-based Fairfield Greenwich Group's offer to fully refund nearly a dozen investors in the state because officials are still trying to identify all the affected investors.
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