Word: greenwich
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Madoff, in jail since March 12, awaits sentencing for his masterminding of the decades-long crime, a billion-dollar Ponzi empire built at least half on the backs of feeder funds like Merkin's and one charged last week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...ourselves. Bernard Madoff built his $65 billion Ponzi empire at least half on the backs of his feeder funds, like the one charged this week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...course, we know now there was no actual work going on, either by Chais' New York people (i.e. Madoff), or by himself, except collecting money and distributing money, much like Madoff and Fairfield Greenwich, and all the other feeder funds. Chais' lawyer, Eugene Licker of Loeb & Loeb, was unavailable for comment. Ezra Merkin's lawyer, Andrew Levander of Dechert LLP, was also not available for comment...
...thing that should have raised suspicions is that the bank's review of its own investments caused it to pull $250 million from a Madoff feeder fund, Fairfield Greenwich, just months before Madoff was arrested. Chase took this action because it became "concerned about the lack of transparency," and its due diligence "raised doubts" about Madoff's operation...
...lawyer, Howard Kleinhendler, of Wachtel & Masyr LLP, is following the money trail and believes Madoff's Chase account was "suspicious" and should have been shut down the moment the bank pulled its funds from Fairfield Greenwich. Kleinhendler represents a dozen Madoff victims. (Read "Madoff Victims Look for Ways to Recover Their Money...