You have to hand it to this guy Dreier. He really managed to scam some sharp folks. Or perhaps we have a very over-inflated view of the collective sharpness of hedge funds with famous names and big AUMs.
Elliott's losses tied to the fraud accounted for less than 1 percent of the money it oversees, according to a person familiar with the firm.
"Elliott has been deceived more than once over the years, and it is likely to happen again in the future," the fund said in the letter.