Agile clients sue over frozen accounts
Tuesday, September 15, 2009 : PermalinkThe Denver Post – The plaintiffs allege Agile inappropriately placed their funds into a high- risk, unsuitable investment called the Agile Safety Variable Fund, which destroyed their retirement nest eggs.
The Safety Fund, despite its name, was a leveraged hedge fund that had invested 85 percent of its money into fraudulent funds run by Thomas Petters and Bernard Madoff, the complaint alleges.
Petters, a Minnesota businessman, is awaiting trail on charges he led a $3.5 billion Ponzi scheme. Madoff is in prison after pleading guilty to running what authorities estimate was a $65 billion Ponzi scheme.
Tags: bernard madoff, hedge fund, retirement nest eggs, safety fund
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