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made-off

Walter Noel Finally Thought of a Comeback

Walter Noel's Fairfield Greenwich Group, the feeder fund that lost $7 billion to Bernie Madoff, finally rebutted the criminal complaint filed against them by Massachusetts secretary of State William Galvin a month ago. "It is clear that the complaint proceeds on theories of 'guilt by association' and 'fraud by hindsight," their filing states. "The 'profound disparity' in this case is not, as the complaint alleges, between the diligence and risk monitoring practices of FGG and its representations to investors, but rather between FGG's actual conduct and the grossly unfair and misleading description of that conduct in the complaint." Yeah. Come see Walter Noel when you have a real fraud charge, Galvin. Heh, heh ... er, wait. [PR Newswire via DealBook/NYT]

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