Noel and his hedge fund Fairfield Greenwich Group are at the top of a growing list of highfliers expected to topple as a result of Bernie Madoff's alleged $50 billion web of deceit.
Noel and his hedge fund Fairfield Greenwich Group are at the top of a growing list of highfliers expected to topple as a result of Bernie Madoff's alleged $50 billion web of deceit.
More than half of Fairfield Greenwich's assets - $7.5 billion of its $14 billion - have likely gone up in smoke due to Madoff's alleged misdeeds. And while the firm could sue to retrieve some of the lost money, it also faces a great risk of being sued by its own investors, many of whom relied on the firm to ensure their money was in safe hands.
Any hit to Fairfield Greenwich will inevitably financially ding the prominent Noel family, well-known in Greenwich, Conn., and Manhattan social circles, and who have been featured in Vanity Fair and Town & Country
"They took high fees and didn't do the due diligence," said Michael Swick, an attorney with Kahn Gauthier Swick, which is representing Madoff investors.
Already, a Swiss bank that Fairfield Greenwich merged with just three months ago severed its ties as a result of the Madoff scandal. On Sunday, Banque Benedict Hentsch terminated its partnership with Fairfield and repurchased all its capital, according to a statement released yesterday.
"The brand is damaged," said one hedge-fund executive.
Fairfield Greenwich did not respond to calls for comment.
Other funds of hedge funds are also expected to suffer as a result of the Madoff scandal. Darien, Conn., firm ..........
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