Madoff 'feeder fund' accused of fraud

Secretary of State William Galvin said company officials were coached by Madoff on how to answer federal investigators' questions.

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April 2, 2009 08:03

 
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Massachusetts's top securities regulator on Wednesday accused a major feeder fund for Bernard Madoff's fraudulent investment scheme of misrepresenting its lack of knowledge about Madoff's operations. Secretary of State William Galvin accused Fairfield Greenwich Group of Connecticut of civil fraud charges, saying company officials were coached by Madoff on how to answer federal investigators' questions about his investment practices and misrepresented how much they really knew. Galvin said as far back as April 2008, Fairfield Greenwich principals began discussing the risk that Madoff would "blow up" but didn't disclose that risk to investors. The administrative complaint seeks restitution for Massachusetts investors for losses from Fairfield Greenwich.

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