***12/19/08 Update–Was Made-off Legit As Late As 2001?-Questions on Tremont
From Bloomberg: Tremont Invested More Than Half Its Assets With Bernard Madoff
Tremont, which manages a total of $5.8 billion, would have made roughly $62 million this year peddling funds that are solely run by Madoff, who was arrested Dec. 11 after he allegedly confessed to running a “giant Ponzi scheme” that may have bilked investors out of $50 billion. Hedge funds that invested with the 70-year-old Queens, New York-native charged fees to their clients for the task of vetting the fund.
It’s amazing to me that people or organizations for that matter, would put such large investments into the hands of one man.
Also from Bloomberg (list of investors & amounts): Madoff’s Investors Had More Than $34 Billion: Table
For info on what’s happening with the leftovers of Madoff’s business:
On December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District Court for the Southern District of New York, appointed Irving Picard as Trustee for the liquidation of Bernard L. Madoff Investments Securities LLC (“BMIS”) pursuant to the Securities Investor Protection Act (“SIPA”) as set forth in the attached order. LINK
Mr. Picard supersedes Lee S. Richards, the previously appointed Receiver for BMIS and all claims by customers of BMIS will be processed by Mr. Picard as SIPA Trustee. Customers and claimants should refer to the website of the Securities Investor Protection Corporation for information about the processing of claims. SIPC.ORG
Mr. Richards continues to serve as Receiver for Madoff Securities International Ltd. pursuant to the attached order. LINK
Should you have further questions, please contact the Trustee at the following number: 888-727-8695.
Attorney Info for investors:
“Aim for Answers”