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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Tags: audits, connecticut superior court, darien connecticut, fairfield county, financial position, financial-statements, investment-adviser, maxam, reuters

Greenwich Time – Some hedge funds in the region are looking to sublease their office space as they downsize or shut down in the lagging economy.

John Goodkind, managing principal of Greenwich-based commercial real estate firm Newmark Knight Frank, said about 20 percent of Greenwich hedge funds are considering subleasing all or some of their office space to cut their expenses. He said he expected about half of them to do so in the next six to nine months.

"It’s the immediate wave of the future because the Greenwich hedge fund market is not immune from a meltdown," Goodkind said, adding that space is being offered at 20 percent to 30 percent less than the original lease. "Fairfield County, with Greenwich being the nexus, is in for a very difficult period of time for tenants that are subleasing space."

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Tags: commercial-real-estate, difficult-period, economy, fairfield county, goodkind, greenwich time, meltdown, newmark knight frank, nexus, nine-months, office space, period of time, real estate firm, sublease, wave of the future