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.
Moral of the story
Get the biggest schmuck of them all any which way you can.
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