A Billion Here A Billion There
And It All Disappears Into Thin Air
FAIRFIELD GREENWICH GROUP VOWS TO PURSUE
RECOVERY IN MULTI-BILLION-DOLLAR MADOFF FRAUD
NEW YORK – DEC. 12, 2008 – Following the news of the arrest and charging of
Bernard L. Madoff with federal securities laws violations, Fairfield Greenwich Group
(FGG) is trying to determine the extent of potential losses, like numerous other money
managers and investors who appear to have been similarly victimized. In consultation
with its attorneys, the firm expects to determine the full extent of the damage soon.
Bernard L. Madoff with federal securities laws violations, Fairfield Greenwich Group
(FGG) is trying to determine the extent of potential losses, like numerous other money
managers and investors who appear to have been similarly victimized. In consultation
with its attorneys, the firm expects to determine the full extent of the damage soon.
“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.”
Mr. Tucker said that the firm’s first imperative is to take all necessary steps to protect its
investors.
As of November 1, 2008, assets under management at FGG totaled approximately $14.1
billion, of which approximately $7.5 billion was invested in vehicles connected to
Bernard L. Madoff Investment Securities.
“We have had one day to try to assess what may well be the largest securities fraud in
history,” said Mr. Tucker. “It is our intention to aggressively pursue the recovery of all
assets related to Bernard L. Madoff Investment Securities. We are also committed to the
operation of our continuing funds. We hope to have a better idea of the entire situation as
the facts develop.”
* * * * * *
Please visit www.FGGUS.com for more information.
* * * * * *
Media Contact:
Andrew Ludwig, Director of Communications
Fairfield Greenwich Group
55 East 52nd Street -- 33rd Floor
New York, NY 10055
(212) 319-6060 Tel
(212) 319-0450 Fax
Communications@fggus.com
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