At least 2 investment firms lost money in Madoff's Great Ponzi Scheme. The investors in those firms had a right to expect due diligence from the investment managers but didn't get it. Will these firms be sued and, more important, will these managers be banished from the profession?
Tremont Group Funds Invested $3.3 Billion With Madoff (Update1)
By Katherine Burton
Dec. 15 (Bloomberg) -- Tremont Group Holdings Inc., a hedge- fund firm owned by OppenheimerFunds Inc., had $3.3 billion invested with Bernard Madoff, according to a person familiar with the matter.
Tremont, which manages a total of $5.8 billion, is the second hedge fund company to report that more than half its assets were invested with Madoff, who was arrested Dec. 11 after he allegedly confessed to running a “giant Ponzi scheme” that may have bilked investors out of $50 billion. Fairfield Greenwich Group said on Friday it had placed $7.5 billion of its $14.1 billion in total assets with the Madoff.
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