Mass. Agency Accuses Madoff Feeder Fund Of Fraud

Law360, New York (April 1, 2009, 12:00 AM EDT) -- A Connecticut-based hedge fund that heavily invested with disgraced financier Bernard L. Madoff has been charged with fraud by Massachusetts' top securities enforcer.

Fairfield Greenwich Advisors LLC, a fund co-founded by socialite Walter Noel, was hit Wednesday with the administrative complaint by the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth.

The Madoff feeder fund and its Bermuda affiliate showed a “complete disregard” for the fiduciary duties it owed investors and lied about the due diligence it conducted on Madoff's business, the...
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