Conn. Firm Collected $500M From Madoff's Marks

With its clients having lost $7.3 billion in Bernard Madoff’s Ponzi scheme, a Connecticut hedge-fund advising firm wants the public’s sympathy—but in fact, the Fairfield Greenwich Group took almost $500 million in fees alone from the money Madoff shepherded. And, the New York Times reports, it’s not clear the firm delivered on the strict oversight it promised its investors.

Fairfield said it had itself invested $60 million with Madoff, less than 1% of what it actually put in his care. A partner in a firm that once considered investing in Fairfield—a family-run outfit, much like Madoff’s—said the “squishy and vague” assurances of its bosses about the management of money from its flagship fund quickly turned him off. (More Fairfield Greenwich Group stories.)