High-flying fundraisers who saw nothing wrong

Guardian Unlimited – Andres Piedrahita, a London-based fundraiser for Bernie Madoff’s fraudulent empire, is among high society figures facing increasing pressure to explain how they missed warning signs around the disgraced hedge fund manager.

Piedrahita, who has homes in Belgravia, New York and Majorca, channelled billions of dollars from Europe into Madoff funds through so-called feeder fund Fairfield Greenwich, where he is a partner. Fairfield has emerged as the largest loser from the Madoff scandal, with potential losses of $7.5bn – more than half its assets under management. The company, founded and controlled by Piedrahita’s father-in-law Walter Noel, is based in New York but investors from Europe are believed to have provided 68% of managed assets.

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