Madoff feeder fund settles with Massachusetts

Wednesday, September 9, 2009, PM | Leave Comment

BOSTON (Reuters) – Massachusetts’ top securities regulator said on Tuesday his office has settled for $8 million with financial swindler Bernard Madoff’s feeder fund Fairfield Greenwich Group, becoming the first state regulator to reach such a agreement.

“This Fairfield settlement, which provides restitution and interest for Massachusetts investors, represents the first investor relief ordered by a regulator in the Madoff scandal and I hope that it will become a template for other resolutions,” William Galvin, the Massachusetts secretary of State said in a telephone interview.

The announcement comes one day before Galvin’s office had scheduled extensive hearings with Fairfield Greenwich executives to examine details about the firm’s relationship with Madoff.

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