Newspaper article The Evening Standard (London, England)

Big Investor Gave a Warning That Madoffcould Abscond

Newspaper article The Evening Standard (London, England)

Big Investor Gave a Warning That Madoffcould Abscond

Article excerpt

Byline: HUGO DUNCAN

A MAJOR investor with alleged fraudster Bernard Madofftold clients the former Nasdaq chairman could abscond with the money in the most explicit warning given by any of the so-called feeder funds.

Kingate Global, which channelled money to Bernard L MadoffInvestment Securities to manage, flagged the risk to customers before the $50 billion ([pounds sterling]33 billion) swindle was uncovered this month.

Madoff allegedly defrauded investors in a Ponzi scheme in what looks to be the biggest financial fraud ever. He remains under house arrest in New York. As well as warning of the risk to clients, Kingate said it would not check the accuracy of statements provided by Madoff, highlighting how he was able to get away with the scheme for so long.

It today also emerged that hedge fund Fairfield Greenwich, which had $7.5 billion invested in Madoff, is being sued by investors for allegedly failing to protect their assets.

The Greenwich Sentry fund invested $220 million with Madoffand the Fairfield Sentry fund $7. …

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