Firm rejects Madoff charges by regulator

April 30, 2009 03:05

A Connecticut firm that acted as a feeder fund for Bernard Madoff's fraudulent investment scheme rejected allegations Wednesday by Massachusetts' top securities regulator that it misrepresented its lack of knowledge about Madoff's operations. Secretary of State William Galvin accused Fairfield Greenwich Group of civil fraud charges, saying officials were coached by Madoff on how to answer federal investigators' questions and misrepresented how much they knew. The firm, in papers filed Wednesday, said any allegations that Fairfield Greenwich officials took instructions from Madoff and tailored answers to the SEC are "demonstrably false." The company said it regularly improved its diligence and risk monitoring abilities to keep pace with evolving industry standards.

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