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Saturday, February 4, 2023
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Madoff Trustee After Rye Based Fund

First he went after the Mets. Now Irving Picard, the Madoff trustee in charge of seeking money for victims of the ponzi scheme is suing Rye's Tremont Group Holdings. Tremont, formerly based on Theodore Fremd Avenue, was holding $3.3 billion of Madoff funny money at the time the ponzi scheme was uncovered.

From the Reuters story:

"Irving Picard accused Tremont of missing "red flags" and "blindly relying on Madoff to drive their funds' returns" for nearly 15 years, according to an amended complaint filed on Monday in the federal bankruptcy court in Manhattan.

The allegations were revealed after a group of funds affiliated with Tremont, which is part of Massachusetts Mutual Life Insurance Co, reached a $100 million settlement in separate litigation with former Madoff investors.

Tremont and its now defunct Rye Investment Management unit lost more than $3 billion of client money funneled to Madoff and his firm Bernard L. Madoff Investment Securities LLC." 

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