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Hours Before Madoff's Demise, Funders Promised More Cash

This article is more than 13 years old.

Newly released documents show that one day before Bernard Madoff was arrested for running an alleged Ponzi scheme, a Connecticut hedge fund that funneled to him promised to raise more cash for him.

Massachusetts Secretary of State William Galvin released the documents Wednesday in a regulatory complaint against Fairfield Greenwich Group, saying the company let its investors down.

The documents provide the best insight yet into how these so-called feeder funds – knowingly or unknowingly - raised investor money for Madoff’s Ponzi scheme. E-mail exchanges between employees at Fairfield Greenwich discuss courting wealthy clients, such as in this e-mail.

This is an unusual one...  appetite $50 to $100 million in bites... so worth our time... she has always heard about Madoff, but hears things that scare her... so neutralize the scare with our transparency... this will be a piece of cake.

This program aired on April 2, 2009. The audio for this program is not available.

Curt Nickisch Twitter Business & Technology Reporter
Curt Nickisch was formerly WBUR's business and technology reporter.



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