Did Tremont Group Holdings Place Your Funds With Madoff? You May Be Lucky!
Sources say US hedge fund Tremont Group Holdings invested $3.3-billion with Bernard Madoff, the disgraced investment manager accused in a massive fraud scheme. Fortunately, Tremont is a subsidiary of Oppenheimer Acquisition Corporation and a part of insurance giant MassMutual. Unlike other Madoff investors, Tremont clients probably have a better than average chance of recovering their Madoff losses, not from Madoff, but rather, from Tremont or its parents or affiliates. In Ponzi Scheme cases, the existence of a deep pocket institution that is liable for the criminal acts of the perpetrator makes all the difference in the world for victims. Tremont can be held liable for Madoff losses if it failed to conduct adequate due diligence into Madoff prior to placing funds with his firm.
It is also stated that Tremont has been selling its biggest dedicated Madoff funds since 1994, according to fund documents. Most of the money that's now gone
was in so-called feeder funds that invested solely with Mr. Madoff under Tremont's Rye Investment Management division, based in Rye, NY.
Even thought Tremont's corporate affiliations represent a positive factor, it seems unlikely that Tremont or MassMutual will make Madoff victim clients whole without litigation. Tremont’s auditor, Ernst & Young, may also constitute a source of recovery for Madoff victims.
If you have questions regarding Madoff losses, please feel free to give us a call at 1-800-306-6010 or contact us online.
It is also stated that Tremont has been selling its biggest dedicated Madoff funds since 1994, according to fund documents. Most of the money that's now gone
was in so-called feeder funds that invested solely with Mr. Madoff under Tremont's Rye Investment Management division, based in Rye, NY.
Even thought Tremont's corporate affiliations represent a positive factor, it seems unlikely that Tremont or MassMutual will make Madoff victim clients whole without litigation. Tremont’s auditor, Ernst & Young, may also constitute a source of recovery for Madoff victims.
If you have questions regarding Madoff losses, please feel free to give us a call at 1-800-306-6010 or contact us online.
