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Fairfield Greenwich was a defendant in a class action seeking to recoup losses resulting from Fairfield Greenwich funds' investments with Bernard L. Madoff Investment Securities. [29] The class action was a result of the consolidation of multiple cases filed in federal and state court against Fairfield Greenwich. [30]
Fairfield Greenwich Group, based in Greenwich, Connecticut, had a "Fairfield Sentry" fund which was one of many feeder funds that gave investors portals to Madoff. Fairfield, in turn, set up further feeder funds such as "Lion Fairfield Capital Management" in Singapore and "Stellar US Absolute Return", all conduits to Madoff, directing a total ...
Madoff's firm had two basic units: a stock brokerage and an asset management business; the Ponzi scheme was centered in the asset management business. Madoff founded a penny stock brokerage in 1960, which eventually grew into Bernard L. Madoff Investment Securities. [6] He served as the company's chairman until his arrest on December 11, 2008.
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Madoff orchestrated his colossal $20 billion fraud over many years until his arrest in 2008. The scheme, which had run through his wealth management firm, unraveled during the global financial crisis.
At the time of his arrest on Dec. 11, 2008, Bernie Madoff had more than 4,900 active clients, with another 40,000 people whose investments had passed through Madoff’s company, Bernard L. Madoff ...