Hedge Fund News From HedgeCo.Net


Fairfield Hedge Funds Sued by Madoff Trustee

Newsinferno.com – Bernard Madoff trustee, Irving Picard, has sued three Fairfield Greenwich Group hedge funds—Fairfield Sentry Ltd., Greenwich Sentry LP, and Greenwich Sentry Partners LP—in a clawback suit that seeks the return of $3.54 billion to repay victims of Madoff’s historic Ponzi scheme, said Bloomberg News.

Madoff pleaded guilty to 11 fraud counts on March 12. The former chairman of the NASDAQ stock exchange ran an investment advisory business (Bernard L. Madoff Investment Securities LLC, or BLMIS), for decades that was, in reality, a Ponzi scheme. Last November, Madoff told his investors that his fund held more than $64 billion, but in reality, it only held a mere fraction of that amount.

Read Complete Article

Related Posts Plugin for WordPress, Blogger...

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.