Hedge Fund Honchos Burned in Scam Start Fire Sale
Monday, February 9, 2009 : PermalinkNew York Post – The founders of a New York hedge fund at the center of the Bernard Madoff scandal have begun selling assets as their firm faces massive losses and a slew of lawsuits, sources told The Post.
Walter Noel and Jeffrey Tucker, co-founders of Fairfield Greenwich Group, a New York hedge fund that lost a whopping $7.5 billion to Madoff’s alleged Ponzi scheme, have been forced to curb their lavish lifestyles amid mounting doubts that the firm can survive the firestorm.
The pair recently dumped a shared interest in a Cessna 560XL private jet, according to a person close to the firm.
Tags: assets, bernard madoff, cessna, doubts, fairfield greenwich group, firestorm, founders, jeffrey-tucker, lavish lifestyles, lawsuits, massive-losses, new york post, private jet, scandal, slew, walter noel
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