Investing to Wealth

The Manhattan offices of the Fairfield Greenwich Group are back open, according to a person familiar with the matter. The hedge fund was one of Bernie Madoff's biggest enablers, raising billions of dollars from outside investors that it wound up just pitching into the ponzi schme. (After taking its own cut, of course.)

For several weeks, the NYC offices of FGG were closed. We had figured that this was a sign that the disgraced firm was shutting down operations. After all, who in their right mind would trust them with bus fare much less any real investment capital?

But it looks like we were wrong. That office in midtown Manhattan is back open for business. In fact, the founder of FGG, Walter Noel, has been reporting for work in the office.

So what are they doing? We suspect that much of the work that goes on at FGG now comprises giving money back to investors and talking with lawyers about how to defend themselves from the various lawsuits that have already been filed, and the many, many more that inevitably will get filed.

Join the conversation about this story »

See Also:

• Madoff Prosecutors Ask For 150 Years, Pardon Board Recommends 50 Years