Madoff trustee Irving Picard continues to sue beneficiaries of Madoff’s fraud for ill-gotten gains, and he’s now trained his guns on the biggest beneficiary of all: Fairfield Greenwich Group. He wants $3.2 billion back–or all the money FGG took off the table on behalf of clients from 2002 on (including $1.2 billion in the final three months).
Fairfield Greenwich was a feeder fund (or should that be bottom feeder) for Madoff, taking money from others, apparently doing little or any actual due diligence, then charging clients stiff fees for doing not much of anything.
Until it all blew up, that is.
Oh, FGG might even be guilty of criminal conspiracy too. Be still my heart.