Hedge funds that sold access to Ponzi scheme face collapse
(NEWSER) - Last week Walter Noel was a successful hedge fund manager, with houses from Connecticut to the Caribbean and an adulatory photo shoot in Vanity Fair. But overnight, when Bernie Madoff's giant Ponzi scheme was exposed, his $14.1 billion firm, Fairfield Greenwich Group, lost more than half its assets. While the hedge fund capital of Greenwich has expressed sympathy for Noel, Madoff's biggest known loser—others question his firm's failure to perform due diligence on Madoff's suspiciously steady returns. More»
