Coming soon to a theatre near you

Madoff trustee sues another feeder fund for $1 billion. Picard seems to be working his way up the food chain, from small to large. Hmm, who lost more than a billion dollars with Bernie? Oh, yes.

In the latest of a series of aggressive actions against the funds that helped to prop up Bernard Madoff’s Ponzi scheme, the trustee of Mr. Madoff’s investment firm sued a hedge-fund investor for more than $1 billion, claiming the fund “should have known” about the fraud.

Trustee Irving Picard, who is collecting the assets of Mr. Madoff’s firm to distribute to investors burned in the scheme, said Harley International (Cayman) Ltd. invested more than $2 billion with Mr. Madoff, receiving an average annual return of 13.5%. Mr. Picard said the Cayman Islands-based fund ignored warning signs that should have alerted it to the fraud.

Harley International couldn’t be reached for comment.

4 Comments

Filed under Uncategorized

4 responses to “Coming soon to a theatre near you

  1. nobody

    For Rat Hole.

    Twas Ever Thus.

  2. Not sympathetic

    The Madoff Frontline documentary is NOT too sympathic to Noel and other “feeder” funds. “I didn’t know” is not the greatest defense. Ignorance was never a great answer to a crime.
    All these people helped Madoff. No jury of average people will support rich people trying to hold on to Madoff payouts. Lawyers for them argue wait and see. Hold on to the gains as long as possible. More money for the lawyers.
    Martha, Taubman, Andlinger, Brant, etc. all end up tainted. Is that the best their lawyers can do for them?

    Madoff bit the hand that “fed” him.

    My advice to “feeder” fund participants: get into another line of work quickly and give up the cash. Ultimately, some federal agency will find a way to throw the “feeders” into Jail for some reason or another anyway if the matter goes on longer. Get out of the situation while you can.

    Noel’s, are you listening?

  3. Walt

    Dude –
    Ok. So Frontline totally vindicated me. They said all I did was sales. And we promptly issued a press release, explaining AGAIN that we were victims.
    So how would you like to apologize to me? Drop me a note at 175 Round Hill? Or call me and grovel a little bit. Let me know. What a wonderful world!!!
    OFF TO BRUNCH!!!
    Your Pal,
    Walt