Category: News Author : Duncan Riley Posted: December 13, 2008
Tags : bernard madoff, fairfield greenwich group
The Fairfield Greenwich Group, one of the largest investors in Bernard L. Madoff Investment Securities has vowed to pursue Bernard Madoff. Former NASDAQ chairman Bernard Madoff was arrested earlier this week on federal securities laws violations after he told staff he was running a Ponzi scheme.
Fairfield Greenwich Group said in a statement that it was trying to determine the extent of potential losses.
“We are shocked and appalled by this news,” said Jeffrey Tucker, founding partner of Fairfield Greenwich Group. “We have worked with Madoff for nearly 20 years, investing alongside our clients. We had no indication that we and many other firms and private investors were the victims of such a highly sophisticated, massive fraudulent scheme.”
Here’s where it gets ineresting: of $14.1 billion the Fairfield Greenwich Group holds in assets under management, $7.5 billion was invested in vehicles connected to Bernard L. Madoff Investment Securities. You’d think with $7.5 billion potentially lost that they would be concerned about trying to get some of it back.
![[Video] Watch Anderson Cooper’s Uncontrollable Gigglefit](http://www.inquisitr.com/wp-content/2011/08/anderson-cooper-gigglefit-100x100.jpg)
Dec 18, 2008
Fairfield Sentry, the “infected” Farifield Greenwich fund was supposed to be a “Fund-of-funds”, for which FGG was paid huge fees from FGG clients. One must question:
1) If it was a fund-of-hedge funds, why was 100% of the FGG client money invested SOLELY with Madoff?
2) Where was the DUE-DILIGENCE that those same FGG clients paid dearly for, year after year?
3) What does this signify about the OTHER FARIFIELD GREEENWICH funds that hold another $7 Billion (again as much as Fairfield Sentry, aka Madoff's Ponzi Scheme) of FGG client money?
GCMBS