News Inferno – One hedge fund has agreed to reimburse its investors who were swindled in the historic Ponzi scheme orchestrated by the disgraced, now jailed, financier, Bernard Madoff. The hedge fund—Fairfield Greenwich Advisors—apparently moved money to Madoff, said Boston.com, and will now reimburse its Massachusetts investors for some $8 million to cover losses. The agreement was reached Wednesday with Secretary of State William F. Galvin, said Boston.com,
Galvin, said Fairfield Greenwich, did not conduct the “rigorous” due diligence of Madoff it told its investors in Massachusetts it had, reported Boston.com. Galvin hopes that this agreement “will become a template for other resolutions’’ in the massive Ponzi scandal, quoted Boston.com.