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Friday, October 7, 2022
Home Current Affairs Madoff Trustee Wrestles $1 Billion Back from Rye Fund

Madoff Trustee Wrestles $1 Billion Back from Rye Fund

Rye based fund Tremont Group Holdings of 555 Theodore Fremd Avenue is coughing up $1 Billion to Madoff mess. Trustee Irving Picard got one billion clams back from the firm which had $3.3 million of Madoff funny money "invested".

The Associate Press had the story:

"NEW YORK — Nearly half the money invested by thousands of people in Wall Street swindler Bernard Madoff's multi-decade fraud has been recovered, a court-appointed trustee announced Thursday as he revealed a settlement that adds more than a billion dollars to the total.

Trustee Irving Picard said the latest agreement was reached with more than a dozen domestic and foreign investment funds, their affiliates and a former chief executive associated with Tremont Group Holdings Inc., a multibillion-dollar money management company based in Rye, just north of New York City."

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