Bankrupt Banker

Tremont Group Holdings Inc., a hedge- fund firm owned by Massachusetts Mutual Life Insurance Co., was sued again for investing with financier Bernard

Tremont Group Holdings Inc., a hedge- fund firm owned by Massachusetts Mutual Life Insurance Co., was sued again for investing with financier Bernard Madoff, who allegedly confessed to a $50 billion Ponzi scheme. Group Defined Pension Plan & Trust, a Jersey City, New Jersey-based investor, sued Tremont and its auditor, Ernst & Young LLP, over claims they missed warnings about the alleged scheme. The complaint, filed today in Manhattan federal court, seeks class-action, or group, status. <blockquote>Tremont already faces a lawsuit filed Dec. 22 on behalf of investors who may have lost $3.1 billion, according to the complaint. Funds including Walter Noel’s Fairfield Greenwich Group, which invested $7.5 billion, and Ezra Merkin’s Gabriel Capital LP and Ascot Partners LP, were also sued for investing in Madoff’s firm following his arrest Dec. 11. </blockquote> “You are looking at the tip of an iceberg here,” the pension plan’s lawyer, Fred Longer, said today in an interview. “Entities like Tremont really show the kings here have no clothes. They blindly go into these investments and they’re not disclosing the fact that the investments aren’t well investigated.”

Tremont Group Holdings Inc., a hedge- fund firm owned by Massachusetts Mutual Life Insurance Co., was sued again for investing with financier Bernard

Tremont Group Holdings Inc., a hedge- fund firm owned by Massachusetts Mutual Life Insurance Co., was sued again for investing with financie...

Unique Gems International Pension Fund of America and Focus Financial Associates are just a few of the local companies that ripped off millions from i

Unique Gems International Pension Fund of America and Focus Financial Associates are just a few of the local companies that ripped off millions from investors.This ''is one of the more egregious affinity frauds we have seen in South Florida,'' Verges said. ``He's banking on that familiarity with that community to steal from them.'' The SEC obtained a court order halting business at Creative Capital and another firm, A Creative Capital Concepts, which the agency claims collected more than $23 million, primarily from Haitian-American investors. Many live in South Florida and were told they could double their investment in three months through stock and options trading.A federal judge signed an order freezing Theodule's and the companies' assets. A receiver has been appointed to oversee the companies. Attempts to reach Theodule and his attorney were unsuccessful.On a Haitian radio station, Theodule, 48, denied he had stolen investors' money.''If I ran off with the money, I would be somewhere in Africa with four women fanning me down right now,'' he said on WPBR 1340-AM.He said the economy was the reason why some investors had not received their money. But he insisted the investments were working.The SEC, though, says Theodule lost at least $18 million over the past year. It also alleges Theodule, who now lives in Georgia, commingled investors' funds with his personal money and took at least $3.8 million for himself and his family.

Unique Gems International Pension Fund of America and Focus Financial Associates are just a few of the local companies that ripped off millions from i

Unique Gems International Pension Fund of America and Focus Financial Associates are just a few of the local companies that ripped off milli...

Kevin Bacon and his wife, Kyra Sedgwick, had investments with Bernie Madoff

<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNhm573_cRPXW1YplhomW3C14AuLje4M_4NuxbgqRLRby0J8K0_jtC1ZnpWowhVlqovfV3u6o4utgwPJZqw0cal9uYRm1VcTgBt4guLxYHR8JofiYT4Jf9qkbXEdtWeBbiXT1VOQyCWbdF/s1600-h/kevin.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5285900150359072930" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNhm573_cRPXW1YplhomW3C14AuLje4M_4NuxbgqRLRby0J8K0_jtC1ZnpWowhVlqovfV3u6o4utgwPJZqw0cal9uYRm1VcTgBt4guLxYHR8JofiYT4Jf9qkbXEdtWeBbiXT1VOQyCWbdF/s400/kevin.jpg" style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 300px; height: 400px;" /></a> Kevin Bacon and his wife, Kyra Sedgwick, had investments with Bernie Madoff, Bacon's publicist says. Bacon, the prolific actor, and his wife, fellow screen star Kyra Sedgwick, had investments with Madoff, the financial guru accused of swindling his clients out of $50 billion in a massive Ponzi scheme, Bacon's publicist told CNN Tuesday.Publicist Allen Eichhorn did not say how much the couple lost, declining to address reports that the figure was in the millions."Let's not speculate," he said. Dreamworks Animation CEO Jeffrey Katzenberg and a charity run by director Steven Speilberg mark some of the other Hollywood heavyweights allegedly bilked by Madoff, who remains in his Manhattan home on house arrest after posting $10 million bail. Bacon, whose credits include "Mystic River," "Footloose" and the recent political biopic "Frost/Nixon," has appeared in 64 movies or television programs since 1978, according to the Internet

Kevin Bacon and his wife, Kyra Sedgwick, had investments with Bernie Madoff

Kevin Bacon and his wife, Kyra Sedgwick, had investments with Bernie Madoff, Bacon's publicist says. Bacon, the prolific actor, and his ...

Pavel Vrublevsky

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Anurag Dikshit

In December 2008, Anurag Dikshit, a billionaire Indian businessman, the richest man in Gibraltar and the 207th richest man in the world, a co-founder of PartyGaming, parent company of the world's leading online poker site PartyPoker.com, pled guilty to illegal Internet gambling and agreed to cooperate with the U.S. Justice Department in an investigation of Party Gaming. Dikshit entered the plea to one count of online gambling in violation of the Federal Wire Act and agreed to forfeit $300 million. "I came to believe it was in fact illegal under U.S. law," Dikshit told U.S. District Judge Jed Rakoff in New York, referring to PartyGaming’s activity. "I have taken full responsibility for my actions." Well, Bikshit is probably the only one criminal who admitted his guilt at once while being ready to pay off the required fine unlike other cyber crime committers we mentioned above. And unlike e-gold or e-bullion executives Dikshit didn’t try to defend himself against the charges and imposed fines with the help of high qualified attorneys.

Anurag Dikshit

In December 2008, Anurag Dikshit, a billionaire Indian businessman, the richest man in Gibraltar and the 207th richest man in the world, a c...

Henry T. Nicholas III

Henry T. Nicholas III On June 5, 2008, Broadcom co-founder and former CEO Henry Nicholas III was indicted on charges of illegal stock-option backdating and of violations of federal narcotics laws. On July 14, 2006, Broadcom announced it had to subtract $750,000,000 from earnings due to stock options irregularities. On September 8, 2006 the amount was doubled to $1.5 billion. The company may also owe additional taxes. On January 24, 2007, it announced a restatement of its financial results from 1998 to 2003 that totaled $2.24 billion. On May 15, 2008, Samueli, Broadcom CTO, resigned as chairman of the board and took of a leave of absence as Chief Technology Officer after being named in a civil complaint by the SEC. Mr. Nicholas and William Ruehle, the former chief financial officer of Broadcom, were charged of improperly backdating stock options, forcing Broadcom to take a $2.2 billion write-down. Besides, Henry Nicholas III also maintained several residences that were used to distribute and sell drugs, including cocaine and methamphetamine, and threatened to kill people if they talked about his activities. In one incident described in the indictment, Mr. Nicholas and his guests are said to have inhaled so much marijuana on a flight to Las Vegas from Orange County, Calif., that clouds of smoke and fumes drifted into the cockpit of the private plane and the pilot was required to put on an oxygen mask. Mr. Nicholas was also accused of hiring prostitutes not only for himself but also for customers and associates of Broadcom, and to have supplied them with drugs. And, according to the indictment, Mr. Nicholas “used threats of violence and death and payments of money to attempt to conceal his unlawful conduct.” Mr. Nicholas used several residences in Orange County and Las Vegas, as well as a commercial office space called the “warehouse,” to distribute and use drugs, according to the unsealed indictments. Various code words, including “supplies,” “party favors” and “refreshments,” were used to describe the various drugs, the indictment said. But ecstasy is described as a particular favorite. According to the indictment, Mr. Nicholas gave some to an executive without his knowledge in July 1999 at the Woodstock concert in Rome, N.Y.

Henry T. Nicholas III

Henry T. Nicholas III On June 5, 2008, Broadcom co-founder and former CEO Henry Nicholas III was indicted on charges of illegal stock-option...

Arthur Budovsky

Arthur Budovsky, a co-founder of LibertyReserve, was indicted on July 26, 2006 for allegedly violating Article 13-B of New York State Banking Law. Article 13-B of the New York banking law states that it is a felony to transfer money without a license if one knowingly transmits $250,000 or more in a year from a single client in a year; $25,000 or more in 30 days; and $10,000 or more in a single transition. As we already covered in our article dedicated to LibertyReserve on November 21, 2008, at that time when Budovsky was arrested along with his partner Vladimir Kats he owned illegal transmittal business GoldAge as well as such businesses as ECSN INC., EXECUTIVE COMMERCIAL SERVICES INC., INTERNETWORK MANAGEMENT INC., GGN INC., B TO B MARKETPLACE INC. and MGA INTERNATIONAL INC. And while with the imprisonment of the founders of e-gold and e-bullion their services went dead after them, LibertyReserve is still operation on the web with a lot of users still trusting the company.

Arthur Budovsky

Arthur Budovsky, a co-founder of LibertyReserve, was indicted on July 26, 2006 for allegedly violating Article 13-B of New York State Bankin...

Douglas Jackson

On November 20, 2008 Douglas Jackson along with other directors of e-gold and Gold & Silver Reserve company received their sentences from the federal judge. He was indicted in April 2007 of providing a haven for criminal activity like processing investment scams and payments for child pornography. Douglas Jackson faced a maximum sentence of 20 years in prison and a $500,000 fine. But he spared a heavier fine because, according to his attorney, he's deeply in debt. Thus he was sentenced to pay only $200 fine with three years of probation and 300 hours of community service. The case with Douglas Jackson is a typical sample of American freedoms dilemma. On one hand the law is expected to prevent illicit and adverse behavior of criminals that results in high material and emotional losses. On the other hand law should protect freedom of a person to keep his privacy safe from intrusion. Perhaps, Jackson is to blame for his quests for earnings as long as child porno-dealers are making huge profits on their production, but initially it is the government who should prevent such kind of felony to take place at all. But the law prefers inflict penalty on intermediaries after the crimes have been already committed many times by the true violators. Thus, that paltry similarity to the reputed business which was the e-gold service after it made trials to recover could no longer attract customers because they new that their privacy was no longer safe.

Douglas Jackson

On November 20, 2008 Douglas Jackson along with other directors of e-gold and Gold & Silver Reserve company received their sentences fro...

James Fayed

On Monday July 28, 2008 Jim Fayed's estranged wife Pamela Fayed was stabbed to death in a parking structure at 1875 E. Century Park in Century City, California. The crime occurred at 6:30PM in daylight and was overheard by numerous people who responded to the victim's screams. A surveillance camera recorded enough details for a rental car to be identified by license plate and for a suspect description to be announced. She was due to appear that day in one of several ongoing legal meetings in her divorce from Jim Fayed and was reportedly attempting to stop him from moving or hiding some of the joint assets involved in E-Bullion. On August 1, 2008 Jim Fayed was arrested under felony charges of conducting unlicensed money transactions via E-Bullion. Federal authorities have seized $60,000 in cash, $3,000,000 in gold bullion and a credit card that allegedly was used to pay for the rental car that fled from the murder scene. Well, while one group of financial dealers are sacrificing thousands of people in order to make their fortune others prefer to get rid off just one person that poses an obstacle on their seizure of the money they are ‘eligible’ to possess. Surely the murder is not the only one crime committed by e-bullion owner Jim Fayed. It was just the last act in his fraudulent drama aimed at making profits. Money laundering and illegal money exchange were the first charges brought against him. People will remember James Fayed as one more e-gold like financial wheeler-dealer with a reputation of a wife-murderer on top.

James Fayed

On Monday July 28, 2008 Jim Fayed's estranged wife Pamela Fayed was stabbed to death in a parking structure at 1875 E. Century Park in C...

Bernard Madoff

Bernard Madoff On December 11, 2008, at 8.30 a.m. Federal Bureau of Investigation agents arrested Madoff on a tip-off from his sons, Andrew and Mark, and charged him with one count of securities fraud. On the day prior to his arrest, Madoff told his senior executives at the firm that the management and advisory segment of the business was "basically, a giant Ponzi scheme." Five days after his arrest, Madoff's assets and those of the firm were frozen and a receiver was appointed to handle the case. Madoff's alleged fraud may be valued at a loss of up to a US$50 billion in cash and securities. Banks from outside the U.S. have announced that they have potentially lost billions in U.S. dollars as a result. The FBI complaint states that Madoff told his sons he believed the losses from his scheme could exceed that $50 billion sum. To date, it is the largest investor fraud ever attributed to a single individual. Bernard L. Madoff Investment Securities LLC has acted on the Wall Street stage as a top market maker since 1960! It is a history of 48 years. Often we feel more respect and confidence towards the institutions with a considerable time background which is natural inasmuch as long terms of existence are usually a sign of viability and good strategy. Well, ordinary mortals that believed in reliability of Madoff’s company are not to be counted because huge corporations and reputed foundations along with prominent film directors like Steven Spielberg invested their hard-earned money into the financial structure that in fact has nothing to pay to its investors. One year brought the whole construction to an end! One year resulted in an immense loss. One year unveiled the ‘largest investor fraud ever attributed to a single individual’. Now it is hard to imagine what is there left in the world we can trust except ourselves.

Bernard Madoff

Bernard Madoff On December 11, 2008, at 8.30 a.m. Federal Bureau of Investigation agents arrested Madoff on a tip-off from his sons, Andrew ...

Kingate Global, one of the biggest investors in Bernard Madoff’s alleged $50 billion fraud, explicitly warned its clients of the danger

Kingate Global, one of the biggest investors in Bernard Madoff’s alleged $50 billion fraud, explicitly warned its clients of the danger that the brokerage “could abscond with those assets,” and yet attracted $2.75 billion, The Financial Times reported, citing documents sent to investors.Kingate Global channelled its money to Bernard L Madoff Investment Securities to manage and highlighted the risk of giving custody of its assets Mr. Madoff, although he was not named in the documents. The investor also said it would not check the accuracy of statements he provided.The alert is the most explicit in a series of warnings from feeder funds that put almost all their cash with Mr. Madoff’s firm.Few of the funds named Mr. Madoff or his brokerage in their documents, while others insisted they were monitoring the performance of their manager to ensure trades were executed as claimed, the F.T. said.In its marketing documents, Fairfield Greenwich, which operated the biggest feeder fund, said that Madoff’s services were “essential to the continued operation of the fund.”

Kingate Global, one of the biggest investors in Bernard Madoff’s alleged $50 billion fraud, explicitly warned its clients of the danger

Kingate Global, one of the biggest investors in Bernard Madoff’s alleged $50 billion fraud, explicitly warned its clients of the danger that...

Val Southwick was sentenced in June to nine consecutive terms of one to 15 years in prison for securities fraud.

Val Southwick was sentenced in June to nine consecutive terms of one to 15 years in prison for securities fraud.At a Dec. 16 parole hearing ...

Ausaf Umar Siddiqui complaint that alleges he was involved in a "secret kickback scheme to defraud Fry's Electronics of millions of dollars.''

Ausaf Umar Siddiqui, 42,who goes by "Omar" and has been Fry's vice president of merchandising and operations, appeared in federal court today, where prosecutors filed a complaint that alleges he was involved in a "secret kickback scheme to defraud Fry's Electronics of millions of dollars.'' Fry's executives didn't know about the illegal kickbacks, the federal complaint states. The alleged scheme occurred from 2005 until mid-October when a Fry's high-level employee walked into Siddiqui's office at 600 E. Brokaw Road and saw confidential spreadsheets, letters and extraordinarily high commission amounts on Siddiqui's desk. Siddiqui is expected to be formally charged in U.S. District Court on Jan. 15, on counts of money-laundering and wire fraud.According to the complaint, which was unsealed today, Siddiqui convinced Fry's that the company should eliminate sales representatives on his accounts, and instead, he'd act as a middleman between vendors and Fry's. He promised that he'd save Fry's a lot of money that way. But instead, the complaint alleges, he ended up charging exorbitant commissions — up to 31 percent, or ten times the normal amount — to the <blockquote>vendors, which he funneled to his own "straw'' company PC International. Vendors were guaranteed steady business, so Siddiqui would have a steady cash flow to pay off casinos. Siddiqui spent $162 million in three years at just two of his favorites, the MGM Grand Casino and Las Vegas Sands Casino, according to his bank statements detailed in the complaint written by IRS Agent Andres Gonzalez.</blockquote>The complaint says Siddiqui made "secret, backroom sales contracts to vendors, and in return, vendors gave him a kickback.'' "It was his responsibility to find Fry's the best price,'' said IRS spokeswoman Arlette Lee. "He was allegedly causing Fry's to overpay millions on merchandise.'' None of the vendors are household names.After seeing the documents on Siddiqui's desk, the Fry's employee called the Internal Revenue Service. Federal agents swarmed Fry's corporate headquarters Friday and arrested Siddiqui, taking him away in handcuffs. Stunned co-workers watched as he was taken away. Siddiqui was a "longtime friend" of John Fry, said Fry's spokesman Manuel Valerio. The reaction of employees and management to Siddiqui's arrest, he said, "is one of surprise and shock — and that's an understatement."He made it clear, however, that "anything that may have taken place that may have been wrongful, Fry's as a company has not been financially harmed nor have any of our customers been harmed through the purchase of products," he said.For his part, a clean-shaven Siddiqui appeared worried and serious in court today. He stood mostly silent, wearing the standard bright orange shirt of the Santa Clara County jail, where he was held over the weekend. Through his criminal attorney, Sam Polverino, he declined comment. U.S. District Court Judge Richard Seeborg altered Siddiqui's no-bail conditions today, allowing him to post $300,000 bond and be monitored with an electronic bracelet. The judge also ordered Siddiqui to stay away from Las Vegas, and was assured through Siddiqui's lawyers that he wouldn't be flying there anymore to on the Fry's corporate jet, or casino-paid jets, which he apparently has done before. "I know you do a great deal of travel to Las Vegas,'' Seeborg said. "That's not allowed anymore. Nevada is off limits.''Before setting his lowered bail, Assistant U.S. Attorney Thomas Moore and defense attorneys discussed how much Siddiqui is worth; revealing that he owns a $1 million Palo Alto condominium and a Ferrari. A woman who appeared in court on Siddiqui's behalf declined comment. During the court hearing, conversations in court also revealed that Siddiqui has no close family; he is "estranged" from his siblings and his parents are deceased. He has no wife or children, and according to his civil attorney, who appeared as a "friend of the court,'' Siddiqui has several casinos after him to pay off gambling debts.

Ausaf Umar Siddiqui complaint that alleges he was involved in a "secret kickback scheme to defraud Fry's Electronics of millions of dollars.''

Ausaf Umar Siddiqui, 42,who goes by "Omar" and has been Fry's vice president of merchandising and operations, appeared in fede...

Mike Connell, Karl Rove's IT guru was killed late Friday night in a solo plane crash

Mike Connell, Karl Rove's IT guru--who was compelled six weeks ago to testify in an Ohio vote-tampering case--was killed late Friday ni...

Shana Madoff, was a rules-compliance lawyer at the firm's market-making arm and the daughter of Bernard Madoff's brother Peter

Shana Madoff, Bernard Madoff's niece of the man who ran Bernard L. Madoff Investment Securities LLC, didn't know of her uncle Bernie...

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January, in connection with the resale of imported rice tainted with pesticides for human consumption, according to investigative sources. The charges will be lodged against the 73-year-old president of the Osaka-based wholesaler and others by the joint team of investigators from the prefectural police headquarters from Osaka, Fukuoka and Kumamoto, the sources said. <blockquote>In September, investigators searched Mikasa Foods and 27 relevant locations after the company drew public flak for diverting the imported rice officially designated as not fit for human consumption due to residual pesticides and fungal contamination for edible use. </blockquote> The rice was sold as a material for industrial glue by the Ministry of Agriculture, Forestry and Fisheries. The firm, which sold the rice to a total of 390 companies, including alcoholic beverage makers and other food makers, was raided on suspicion of breaching the food sanitation law. The firm is suspected of selling 110 tons of the Chinese-produced rice tainted with the pesticide methamidophos from around November last year to a rice wholesaler in Fukuoka Prefecture after buying the rice from the trading houses that imported it. The company is also suspected of disguising 5.4 tons of rice imported from Vietnam and contaminated with the pesticide acetamiprid as edible and selling it to a Kumamoto-based sake brewer in May. <blockquote>Mikasa Foods bought the Vietnamese-grown rice at 19 yen per kilogram from the ministry, selling it to the maker and other sake brewers at 98 yen and raking in handsome profits from January to May, the investigative sources said. </blockquote> Fuyuki, speaking at a news conference in September after revelations of the shadowy resale transactions, acknowledged having instructed his employees to perpetrate the deals to make profits. Then farm minister Seiichi Ota subsequently resigned to take the blame for the ministry's inability to detect the diversion of the rice for human consumption.

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January, in connection ...

Polaroid Corp will be filing for Chapter 11 bankruptcy protection

Polaroid Corp will be filing for Chapter 11 bankruptcy protection which doesn’t surprise us, in this time of economic recession. The company...

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.He's holed up in his $US7 million New York City apartment after prosecutors warned of his "harm or flight".Madoff, 70, has been subject to electronic monitoring and a 7 pm curfew under a December 17 court order. Now he is barred from leaving his Upper East Side apartment except for court appearances, and his building will be watched by security guards and video surveillance, according to a letter from prosecutors filed in federal court in Manhattan on Friday night Australian time. "The bail conditions are what the government has agreed to," Madoff's lawyer Ira Sorkin said. He wouldn't say whether Madoff had been threatened. <blockquote>Madoff was arrested earlier this month after telling his two sons and federal investigators that he had been using money from new investors to pay off old ones in a massive Ponzi scheme.</blockquote>He said clients of New York-based Bernard L. Madoff Investment Securities LLC lost $US50 billion. The security service, which was put into place on the weekend, will watch Madoff's doors and will be able to send a signal from an observation post to the Federal Bureau of Investigation, according to the letter. One reason for the new bail conditions was "to prevent harm or flight," the government said. The New York Daily News last week quoted an unnamed source saying that Madoff and his family had been threatened if he didn't repay investors. Other bail conditions remain. Madoff posted a $US10 million bond, guaranteed by his wife and brother Peter, and he and his wife have agreed to surrender homes in Manhattan, Montauk, New York, and Palm Beach, Florida, if he flees. Madoff remains subject to electronic monitoring. The Manhattan apartment is worth about $US7 million, according to bail papers. Ruth Madoff, who hasn't been accused of wrongdoing, also has surrendered her passport. Madoff, who hasn't formally responded to charges against him, is due to return to court on January 12.

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.He...

Four Finnish men are set to go on trial for a major investment scam

Four Finnish men are set to go on trial for a major investment scam. The men are suspected of conning investors out of some 800,000 euros. A...

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history, the New York Times reported Friday. <blockquote>The US newspaper said ADIA - which is the world’s largest sovereign wealth fund - indirectly invested $400 million into Bernard L. Madoff’s scheme in 2005 through investment fund, Fairfield Sentry Fund.</blockquote> This investment was revealed in a profile of the firm drawn up for a prospective buyer in 2007, according to the New York Times.A number of private investors, banks and investment firms were shocked to recently discover they had fallen victim to a fraudulent investment scheme after Madoff - a Wall Street broker and the former chairman of Nasdaq - was accused of running a multibillion-dollar scam.A note on Fairfield Greenwich Group's website states that more than half of its investments are tied up in vehicles connected to Bernard L. Madoff Investment Securities (BLM). Farfield said, as of Nov. 1, its assets under management totalled approximately $14.1 billion, of which approximately $7.5 billion was invested in vehicles connected to BLM.The New York Times said that Fairfield was one of BLM’s largest investors and ADIA in turn was one of Fairfield’s largest investors."Even after the investment authority took two significant redemptions from the fund, in April 2005 and 2006, its stake the following year of $132 million made up 2 percent of the fund’s assets under management," the newspaper said.

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history, the New York Times rep...