Questions about big middleman arise in Madoff case

Fairfield Greenwich Group, founded by Greenwich society newbie Walter Noel, has portrayed itself as a victim of the Bernie Madoff alleged fraud, which may be the biggest Ponzi scheme ever. But the New York Times offers an article about the very cozy ties between the two companies.

The firm, which existed to place money with the Madoff firm, reaped more than $500 million in fees since 2003, which went to a handful of executives. Fairfield promised clients it "would independently calculate the value of the funds it invested at Mr. Madoff's firm at least once a week. It promised to reconcile statements from individual trades with custodial records." Sounds like a legal nightmare in the making. Lots of questions here.

For more:
- here's the article

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