Madoff Feeder Fund Fairfield Settles For $8M

Law360, New York (September 9, 2009, 2:11 PM EDT) -- Fairfield Greenwich Group, which fed billions of investor dollars into Bernard Madoff's notorious Ponzi scheme, has struck an $8 million settlement deal to quell an allegation from Massachusetts' securities regulator that Fairfield misrepresented how little it knew about how Bernard L. Madoff Investment Securities operated.

Respondents Fairfield Greenwich Advisors LLC and Fairfield Greenwich (Bermuda) Ltd. entered into a consent order with the Massachusetts Securities Division Sept. 8 without admitting or denying the regulator's allegations.

The deal calls for Fairfield to pay a total of $8 million,...
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