Chidem Kurdas
A central claim of the lawsuits brought by Irving Picard, the Madoff bankruptcy trustee, is that his various targets knew of the fraud, should have known or in some cases could have known. You start noticing how murky these allegations are when you talk with people who had dealings with Mr. Madoff. (more…)
Chidem Kurdas
It might be called the Ivy question in assessing an advisor, one of the lessons investors take from the Madoff disaster.
Lawrence Simon and Howard Wohl, who founded Ivy Asset Management in 1983, met Bernard Madoff in 1987. They not only invested with him but also brought to him other asset managers who paid them fees for the privilege of being introduced to Mr. Madoff. In the early 1990s Messrs. Simon and Wohl heard rumors. By 1997 they had evidence that Madoff was not doing what he said he was doing. (more…)
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