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Posts Tagged ‘secretary of state’

Fund firm behavior faces state scrutiny

Wednesday, May 6, 2009 : Permalink

Boston Globe – Secretary of State William F. Galvin is investigating Massachusetts Mutual Life Insurance Co.’s relationship with a hedge fund operation that lost $3.3 billion to admitted swindler Bernard L. Madoff.

Galvin, who oversees the state Securities Division, said his office is looking into MassMutual as part of an ongoing probe of investment firms that placed clients’ funds with Madoff. The division is examining whether MassMutual did enough to safeguard its customers’ money.

Springfield-based MassMutual owns Tremont Advisers Inc., a Rye, N.Y., hedge fund firm that sustained the second-biggest loss of all the confessed swindler’s clients.

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Hedge fund manager Fairfield Greenwich charged over Madoff fraud

Thursday, April 2, 2009 : Permalink

Times Online – Fairfield Greenwich, the hedge fund manager founded by socialite Walter Noel, became the first fund that invested with disgraced fund manager Bernard Madoff to be charged with fraud.

William Galvin, Massachusett’s Secretary of State, today accused the Connecticut-based fund of lying to investors about it due diligence it did on Madoff’s fund management business.

Fairfield Greenwich was one of the biggest feeder funds to Madoff, enabling the 70-year-old convicted swindler to rip off thousands of people in a $65 billion Ponzi scheme running for at least 20 years.

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