ROCKIN' WATER™ 187 Sound Beach Avenue Old Greenwich CT 06870 |

ROCKIN' WATER™ 187 Sound Beach Avenue Old Greenwich CT 06870 |
IT'S JUST LIKE BEING THERE:
Listen In As Ponzie Schemers Run Their Big Fat Hedge Fund Mouths On The Phone.....
Madoff: "Obviously, first of all, this conversation never took place, Mark, OK?"
Amit Vijaygergiya (Fairfield's Chief Risk Officer): "Yes, of course."
Later in the call, according to the court filing, Madoff counsels Vijaygergiya on how to have a discussion with the SEC, "the less you know about how we execute ... the better you are ... your position is, 'listen, Madoff has been in business for 45 years ... a well known broker. We make the assumption that he's doing everything properly.'"
THE BLOTTER FROM BRIAN ROSS AND THE INVESTIGATIVE TEAM: A Chilling Glimpse Inside a Madoff Feeder Fund
The clearest look to date of the relationship between Bernard Madoff and his feeder funds, one of which netted hundreds of millions in fees and which authorities say exposed investors to undisclosed risks, is put forth in new court documents filed by the Massachusetts Secretary of State, William Galvin.
One potentially damning accusation made by Galvin was that principals at the Fairfield Greenwich Group discussed among themselves the risk that Madoff would "blow up" and was aware of the gaps in its knowledge of Madoff's operation.
However, Galvin alleges Fairfield did not disclose those concerns to investors. Fairfield Greenwich, founded by Walter Noel, has been accused of fraud by Galvin who says the firm knowingly misrepresented to its investors what it knew about Madoff's operation and asserted it performed a level of due diligence that it did not actually perform.
The court papers detail a December 2005 telephone conversation that allegedly took place between Fairfield executives and Madoff in which Madoff counsels them on how to manage their conversation with the regulators when it comes to describing what they know about Madoff's operation.......
..... The court papers also cite an internal Fairfield e-mail between a fund manager in the U.S. and one in the U.K. as evidence that Fairfield, at a time when it should have been offering to repay performance fees, instead was continuing "the ruse that they had actually been doing due diligence."
"You mentioned that Fairfield used to get copies of some trades done by Madoff," the e-mail from Manuel Gomez of Fairfield Sigma to a colleague allegedly began. "In order to cover my ass, can I get some copies of those trades. I need to show people who invested in Sigma that I was doing due diligence in what is the largest scam in financial history." .....
....According to the civil complaint, the SEC relied on Fairfield's representations in determining Madoff's operation was not fraudulent. The court papers state that based on the conversation, Fairfield had to know Madoff was manipulating the SEC regulators.
It also suggested that Fairfield disclosed proprietary investor information to Madoff in an effort to "curry favor." Fairfield "repeatedly gave him proprietary information," the complaint states.....
.....The filing cites a September 2005 e-mail sent from a client to Fairfield in which the clients asks about the "small accounting firm" used by Madoff investments. "Is that accounting firm checked and approved by Fairfield Greenwich Group?" the client asked.
Fairfield Greenwich knew that Madoff's accounting firm "only had one employee," according to the filing, but the Fairfield's CFO Dan Lipton replied that the firm was "small to medium-sized." "They have hundreds of clients and are well-respected in the local community," Lipton instructed someone at Fairfield to tell the client, according to the filing.....
....In November and December 2008, Madoff, apparently desperate for funds to shore up his scheme, reversed a long standing policy limiting the amount of money Fairfield could place under his management. And, the court papers state he 'reacted angrily" when he learned that a Fairfield investor sought to cash out significant amounts of assets under Madoff's management.
In response to his anger, Fairfield, instead of questioning his motive, the complaint asserts, redoubled its marketing efforts "to defend against redemptions" and allegedly began to rapidly set up a series of new funds in cooperation with Madoff....
....."In the words of Walter Noel, one of Fairfield's founders, 'we tried to help stem things,'" the court papers state. $14.8 million was raised for one of the new vehicles but "no offering documents for that fund ever existed." ....
....The court papers cite a letter from Fairfield's Jeff Tucker to Madoff dated December 10 -- the very day Madoff confessed his crimes to his sons and the same day his wife withdrew about $10 million from another Madoff vehicle, in which Fairfield noted, "We have taken a number of steps with our other funds in order to put all of our investible capital in Sentry and the new split strike strategy which we call Emerald."
The Latest Greenwich News Briefs:
HEY , HEY!!! HO, HO !!!! John Bowman Says Byram Neighborhood Association President Michael Bocchino Has To Go
Greenwich Post Claiming to have a cost-saving solution in hand to help the town through a difficult economic time, Byram residents turned out Saturday morning to speak out ... | ||
MONEY TALKS AND HEARST NEWSPAPERS LISTENS: The Greenwich Time Now Has Daily Coverage Of Cambodian Crimes As Greenwich Backcountry Corruption Goes Unreported .... Khmer Rouge torture descriptions stun Greenwich observers | ||
Bernie Madoff's 55-foot luxury yacht "Bull" was seized by US Marshals. New York Daily News At the same time, state and local officials are jockeying to get repayments from so-called "feeder funds," such as the massive Fairfield Greenwich hedge ... | ||
THE NEWS GOT OUT: Greenwich Citizen Journalists And Bloggers Were Not Stopped On April Fools Day Conficker worm fails to live up to its hype | ||
Greenwich Resident Walter "Feeder Fund" Noel Says This Is Not True. I Am Not Guilty. If You Don't Believe Me Just Look At My Local Home Town Newspapers There Is Nothing At Their So-Called News Website About This..... | ||
Statement from Fairfield Greenwich Group, April 1, 2009 Wall Street Journal Massachusetts securities regulators charged Madoff feeder fund Fairfield Greenwich with fraud. Read a statement from Fairfield Greenwich regarding the ... | ||
Fairfield Greenwich Charged With Fraud in Madoff Case Wall Street Journal By ROBERT FRANK and TOM LAURICELLA Massachusetts securities regulators charged Fairfield Greenwich Group, a major feeder fund for Bernard Madoff, ... | ||
Madoff 'feeder' funds targeted by suits, asset freeze IF YOU WANT TO KNOW WHAT'S GOING ON IN GREENWICH YOU HAVE GOT TO READ THE OUT OF TOWN NEWS PAPERS: STRANGE BUT TRUE: The Hearst Newspaper In Houston Will Report Online That Greenwich Resident Walter Noel Is Accused Of Being "COACHED" By Bernie Madoff, But Failed Hearst Newspaper Managing Editor Bruce Hunter Wont Put It Online At The Greenwich Time..... | ||
Houston Chronicle Secretary of State William Galvin accused Fairfield Greenwich Group of Connecticut of civil fraud charges, saying company officials were coached by Madoff ... | ||
FINANCIAL STOCKS MarketWatch According to a document posted on Galvin's Web site, the complaint is also based on the lack of an arms-length relationship between Fairfield Greenwich and ... |
The Latest Greenwich Blog Posts:
Fairfield Greenwich: We Didn't Commit Fraud By Henry Blodget Massachusetts' 69-page complaint just 20/20 hindsight, so says Walter Noel and his Fairfield Greenwich Group. The Business Insider - http://www.businessinsider.com/ |
Securities Law Prof Blog: Massachusetts Charges Fairfield ... LAST YEAR GREENWICH DIVA WAS THE FIRST GREENWICH NEWS GATHERER TO REPORT ABOUT THE BERNARD MADOFF PONZIE SCHEME. LAST NIGHT GREENWICH DIVA ALERTED EVERYONE IN TOWN THAT MASSACHUSETTS WAS GUNNING FOR WALTER FEEDER FUND" NOEL AS GREENWICH TIME MANAGING EDITOR BRUCE HUNTER WAS A SLEEP AT THE SWITCH BUT WHAT WERE THE EX-GREENWICH TIME EDITOR JOE PISANI AND HIS BAND OF FIRED REPORTERS AND PHOTOGRAPHER BLOGGING ABOUT AT OUR GREENWICH..... |
Spring Shots – Our Greenwich MEANWHILE BACK IN THE REAL WORLD: |
Madoff Feeder Fairfield Greenwich Charged With Fraud By John Carney "A COMPLETE DISREGARD OF DUTIES"... PARTNER PIEDRAHITA PAID HIMSELF $45 MILLION A YEAR... FGG KNEW MADOFF AUDITOR WAS ONE-MAN SHOP... "FAR-REACHING AND RIGOROUS" DUE DILIGENCE CLAIMS JUST HOT AIR..... The Business Insider - http://www.businessinsider.com/energy |
Madoff accomplice: Fairfield Greenwich (Dealscape) Let's See What Failed Greenwich Time Managing Editor Bruce Hunter And His Crack Greenwich Time News Team Reports About Greenwich Resident Walter "Feeder Fund" Noel How Much You Want To Bet It Will Be A Wire Service Report Be Sure To Look For The Greenwich Kitty Litter Liner To Put Up A Special Homepage Graphic And Link To A Greenwich Time Web Page With Back Dated Articles About Walter "Feeder Fund" Noel, Just Like They Did With The AIG Scandal By The Way, As We Mentioned Above There Is No News About Walter Noel Or Fairfield Greenwich At The Greenwich Time Web Site, But If You Look Up At The Main Column With All The News. You Will See The Following Lead Story Listed Under The Latest:
Some Guy Named Brian A. Pounds Has The Cutest Photo Of Iris Bergeron, an employee of Purr-Fect Pets in Milford holding up the two nosed bunny. WOW: The store is running a naming contest for what they are calling "the nosiest bunny in the world" COULD FAILED GREENWICH TIME EDITOR BRUCE HUNTER JUST SHOOT ME SO I DON'T HAVE TO READ GREENWICH TIME LEAD STORIES THAT HAVE CRAP LIKE THIS IN THEM.... ....Store employees are now vying to name the animal.
Nobody Covers Greenwich Like Failed Greenwich Time Managing Editor Bruce "I Have Not Got A Nose For News" Hunter |