The assets of Fairfield Greenwich Group and other so-called feeder funds that steered investors to Bernard Madoff were frozen by a Connecticut judge along with those of Madoff's family members, a lawyer said.
A state judge in Bridgeport granted a freeze at the request of the town of Fairfield's pension fund and its 1,500 members, David Golub, a lawyer for the fund, said yesterday in a phone interview. The town's initial $22 million investment with Madoff through Maxam Capital grew to $42 million, he said.
Bridgeport Superior Court Judge Arthur Hiller on March 30 granted a temporary order freezing the assets, with the exception of normal living and business expenses, until a hearing on April 13. Those involved in the feeder funds whose assets were frozen include Sandra Manzke, founder of Maxam Capital, and Walter Noel Jr., a partner at Fairfield Greenwich Group, Golub said.
But don't worry about our heros, I'm sure the definition of "normal living and business expenses" is judged on a relative scale. $50,000 per week should just about do (for starters) and you know how expensive maintaining an island fifth home can be.
Fairfield Greenwich's Assets Frozen in Madoff-Related Case [Bloomberg]