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This Is Not "Hedge Fund Fraud"

By Mark H. Astarita, Esq.

Can we please get off the hedge fund bandwagon when talking about Madoff. There is absolutely nothing in the indictment or the SEC complaint, or any of the main stream press or Madoff's filings (as reflected in the press) that would lead one to the conclusion that Madoff's investors money was in a hedge fund.In fact, there reports are the opposite; that Madoff's clients had their own individual accounts at his brokerage firm. According to the WSJ reporter who reviewed Madoff's Form ADV (which is the registration form for an investment advisor) Madoff had less than 25 clients and 17 billion under management in January 2008. Other reporter have reviewed individual customer account statements.A lot of this is still unclear, and perhaps won't be clear for a while...continue to full post

Full post as published by SECLaw.com on December 15, 2008 (boomark / email).