In the Margins

Investor sues E&Y over Madoff

October 15, 2015

By The Wall Street Journal

FutureSelect Portfolio Management has accused Ernst & Young of failing to serve as a gatekeeper as the investor sunk millions of dollars into Bernard Madoff's investment firm and maintains E&Y should be held liable for the losses it incurred. "I'm going to prove to you that Ernst & Young had a job. I'm going to prove to you that Ernst & Young didn't do their job," said Steven Thomas, a lawyer for FutureSelect. The Redmond, Wash.-based firm invested some $200 million in feeder funds that pooled investors' cash and funneled it to Madoff until his arrest in 2008 exposed a Ponzi scheme in which investors lost $17 billion. Read the original story from The Wall Street Journal.  

 

 

Most Read

Top of the Agenda - Compensation
Fund CCOs continue to see pay increases

Mutual fund chief compliance officers saw notable increases in pay again in 2018, though they did not receive as big a pay bump as they did ...

10 Things
10 Things...to read in summer 2019

Hello, Summer 2019! Today's solstice marks the beginning of the season, and that—hopefully—means a slower pace for a few months. Trips to the beach, time on ...

A Seat at the Table
Invesco Funds board finalizes succession plans

The Invesco Funds board will name Christopher Wilson vice chairman at its June meeting, making him the heir apparent to long-serving independent Chair Bruce Crockett. Crockett ...