Walter Noel's Man In Bermuda Is Amit Vijayvergiya, Partner, is Head of Risk Management of Fairfield Greenwich (Bermuda) Ltd. and focuses on the Fairfield Sentry Fund and risk management for FGG.
MORE ON AMIT:
FGG Managing Director
1001 Brickell Bay Dr Ste 2406
Miami, FL 33131
United States
Phone: 1 786 425 2511
Fax: 1 786 425 2428
1001 Brickell Bay Dr Ste 2406
Miami, FL 33131
United States
Phone: 1 786 425 2511
Fax: 1 786 425 2428
Amit Vijayvergiya, Director of Lion Fairfield
Fairfield Greenwich operates affiliates in offshore money havens like the Cayman Islands. At another affiliate, in Bermuda, Amit Vijayvergiya, Fairfield Greenwich’s chief risk officer, managed flows into Sentry, its largest fund that was a main recipient of money that had been invested with Mr. Madoff. It also runs Fairfield Sentry in Ireland, one of Europe’s largest offshore money havens, and a joint venture in Singapore, a leading Asian offshore money haven, called Lion Fairfield Capital Management.
Greenwich Resident Walter Noel Wont Tell You About The Money In The Cayman Islands And The British Virgin Islands, Ireland Or Singapore, But Greenwich Roundup Will.
Fairfield Greenwich Investors Looking For Some Of There Money Should Take A Look At This Link:
You Wont Read This Walter "Feeder Fund" Noel
Love Letter In The Greenwich Time:
FAIRFIELD SENTRY LIMITED
Romasco Place, Wickhams Cay 1
Road Town, Tortola
British Virgin Islands, VG 1110
Romasco Place, Wickhams Cay 1
Road Town, Tortola
British Virgin Islands, VG 1110
December 22, 2008
Suspension of the Calculation of Net Asset Value
Reference is made to the extraordinary events of last week regarding Bernard L. Madoff Investments Securities LLC ("Madoff"). As you are most likely aware, on December 11,2008 Bernard Madoff was arrested and charged with securities fraud for operating inessence a giant Ponzi scheme. It has been alleged that Madoff's fraud involved a loss inboth cash and securities of possibly US$50 billion.
As you will have read in the press, Fairfield Sentry Limited (the "Company") was significantly exposed to Madoff. At this point in time the value of the Company'sinvestment in Madoff is not certain. There may be residual assets in Madoff to bedistributed or, alternatively, there may be no assets.
With the view to acting in the best interests of the Company and all of its shareholdersand creditors, the Board of Directors of the Company (the "Board") has suspended thecalculation of net asset value with a corresponding suspension of redemptions andsubscriptions pursuant to Article 11(4) of the Articles of the Association of the Company,due to the fact that the Board determined (i) that circumstances exist as a result of whichin their opinion it is not reasonably practicable for the Company to dispose ofinvestments or that any such disposal would be materially prejudicial to shareholders, (ii)that a breakdown has occurred in the means normally employed in ascertaining the valueof investments of the Company, (iii) that the value of the investments of the Companycannot reasonably or fairly be ascertained and (iv) that the Company is unable torepatriate funds required for the purpose of making payments due on redemption ofshares. As such, pursuant to the powers contained in the Articles of Association of theCompany, the Board has suspended the determination of the net asset value.
As a resultof such suspension, all subscriptions into and redemptions from the Company have beensuspended. With respect to redemption requests received for the November 30, 2008 dealing date, the payment of these proceeds of redemption have been similarly suspended pursuant to the powers contained in the Articles of Association of the Company.
The Company has retained counsel in the British Virgin Islands and the United States to represent its interests. These counsel will advise as to what action should be taken toensure the Company's interests in the remaining assets of Madoff are represented, toensure an orderly running of the affairs of the Company and to ensure that all shareholders and creditors are treated equitably and fairly.
In this regard and as advisedby counsel, we are not able to respond to requests for information by individual shareholders at this time. Rather, information will be provided to all shareholders to ensure that no one shareholder is at an advantage. We note that the manager to the Company, Fairfield Greenwich (Bermuda) Limited, has waived all fees until furthernotice. We will endeavour to keep you advised of developments with respect to the Company.
Yours faithfully,
The Board of Directors
The Board of Directors
After Reading This You Might Want To Explore The Walter Noel Network:
Then You Might Want To Read The Class Action Lawsuit Against Walter "Feeder Fund" Noel And Fairfield Greenwich......
So Just How Much Money Does Walter "Feeder Fund" Noel
Have In The Cayman Islands And Other Off Shore Money Havens?
Fairfield Greenwich Group has taken more than $500 million in fees since 2003 alone from the money it placed with Madoff.
Fairfield Greenwich, and its partners, had about 7.5 Billion invested with Madoff, But There Is Still 6.5 Billion That Fairfield Greenwich Has Stashed Somewhere.
A statement released by the Cayman Islands Monetary Authority (CIMA) regarding charges of massive investment fraud by Bernard Madoff indicates the authority is following the situation closely.
“CIMA has done a check of its records and database and has found no evidence so far that Bernard Madoff or any Madoff company is providing direct services to any Cayman Islands–regulated fund,” it stated.
“An initial check of the Companies Registry shows no Madoff–related entity incorporated in the Cayman Islands.
However, given that investors in Mr Madoff’s investment funds include banking and other institutions across Europe, the UK and the USA, CIMA anticipates that there could be a number of Cayman–regulated funds as well as other institutions that have made investments into the Madoff funds/schemes and which, therefore, could be impacted.”
A check of the CIMA website reveals Fairfield Greenwich and Fairfield Capital Management are registered with the authority, along with twenty–nine funds beginning with the name “Fairfield”.
Fallout from the Madoff scandal could affect Cayman in many ways.
Don't Forget That......
Offshore entities played key roles at Bayou Management, a Connecticut hedge fund that collapsed in scandal in 2005, as well as at Enron, which used nearly 900 offshore entities, mostly in the Cayman Islands, to conceal bogus trades and accounting fraud.
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