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Maxam hedge fund sues auditors

Reuters – Maxam, an investment adviser based in Darien, Connecticut, relied on the auditors for their expertise in examining Madoff’s firm, according to the lawsuit filed in Connecticut Superior Court in Fairfield County.

The lawsuit, though, said the auditors issued "unqualified" opinions for 2006 and 2007 audits that stated Maxam’s financial statements presented its true financial position.

Maxam was one of many funds that invested with Madoff, who in December was arrested for allegedly running a $50 billion (35.2 billion pounds) Ponzi scheme. Maxam contends the auditors were negligent when performing Maxam’s 2006 and 2007 audits.

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