469:
302:, the court-appointed trustee in the Madoff bankruptcy, sued Tremont for over $ 3 billion in customer money that Tremont lost by investing with Madoff. The lawsuit alleged that Tremont failed to perform independent, reasonable, and meaningful due diligence of Madoff. In July 2011, Tremont Group agreed to settle the lawsuit by paying a $ 1 billion cash settlement.
295:, which charged that KPMG had failed to discover the fraud in its audits of Tremont and was therefore liable to the investor. Judge Griesa held that KPMG could not be sued, because there was no intent to deceive. He wrote: "Merely alleging that the auditor had access to the information by which it could have discovered the fraud is not sufficient."
165:, specialized products and venues for hedge fund investment; structured products, insurance entities, new markets and jurisdictions including the first institutional fund of hedge funds in Korea and the foundation of The Bermuda Stock exchange. Prominent board members and shareholders included;
205:
Sandra Manzke, who was its chief executive officer from May 1994 to August 2000, and co-CEO until 2005. It owns
Tremont Partners and Tremont Capital Management (formerly Tremont Advisers), a consultant, advisor and hedge
250:
In
January 2006, Rupert A. Allan became President of Tremont Group. In June 2007, he was also named CEO of Tremont Group, replacing Schulman, who remained chairman of Tremont Group until his retirement in July 2008.
284:
1194:
1120:
1184:
161:.The firm was one of the largest hedge fund consultants and advisors globally during the seminal 1990's period and pioneered a number of ground breaking products such as the
270:
It's mind-boggling that people like
Tremont ... had been doing this for so long. It's the job of these funds of funds to be doing due diligence. That's why they get paid.
311:
1199:
883:
514:
640:
240:
227:
92:
835:
215:
149:. This was the second-largest feeder fund to Madoff's firm due to the group having had a long professional relationship with him as Chairman of the
696:
266:
When the scheme was uncovered in
December 2008, Brad Alford, who runs Alpha Capital Management LLC, which helps clients choose hedge funds, said:
154:
666:
1189:
1130:
1058:
1169:
211:
554:
998:
961:
914:
409:
371:
1022:
789:
181:. Tremont was among the first investors and/or involved in the launch or restructuring of numerous legendary funds such as;
735:
223:
1092:
988:
395:
357:
219:
210:. Tremont Holdings also has offices in London, Toronto, and Hong Kong. Its subsidiaries are regulated by the U.S.'s
162:
260:
233:
Tremont Group invested with Madoff starting in 1997 via its Rye
Investment Management division, headquartered in
178:
146:
1097:
182:
1030:
812:
529:
1174:
1125:
706:
858:
1179:
363:
99:
1066:
877:
559:
247:. unit paid $ 140 million to purchase Tremont from Manzke in 2001. Manzke left Tremont in 2005.
953:
906:
441:
994:
957:
910:
585:
508:
492:
405:
367:
331:
949:
244:
38:
230:.The firm previously partly owned Tremont International Insurance and Tremont Bermuda Ltd.
766:
1026:
942:
899:
611:
434:
174:
170:
142:
87:
1163:
401:
299:
280:
234:
207:
202:
166:
130:
71:
65:
740:
186:
259:
The hedge fund lost $ 3.3 billion, representing more than half its assets, in the
670:
644:
190:
138:
237:. Tremont Group closed the Rye Investment Management division in January 2009.
134:
28:
641:"Tremont Group Holdings Announces Expanded Executive Role for Its President"
436:
Fortunes of Change: The Rise of the
Liberal Rich and the Remaking of America
836:"Madoff Trustee Sues Former Tremont Capital CEO Manzke Over 'Stolen Money'"
607:
857:
Dan
Wilchins, Kuganandhan Paramanandan, Carol Bishopric (June 27, 2008).
701:
288:
158:
359:
History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff
1154:
150:
530:"Uma Thurman No Help to Arpad Busson in Madoff Fraud's Nightmare"
287:
dismissed a lawsuit by
Tremont Group investors against Tremont's
292:
1121:"Judge Approves Madoff Trustee Settlement With Tremont Funds"
1093:"Madoff Trustee Reaches $ 1 Billion Settlement With Feeder"
555:"MassMutual Distances Itself from Madoff Hedge Fund Losses"
285:
U.S. District Court for the
Southern District of New York
1023:"Fairfield Sent Madoff $ 7.3 Billion as Funds Took Fees"
491:
Johnson, J., Mallano, P. J.Chaney, J. (March 23, 2011).
944:
Business Ethics 2009: Ethical
Decision Making and Cases
397:
Too Good to Be True: The Rise and Fall of Bernie Madoff
813:"OppenheimerFunds Cuts 9% of Workforce as Assets Fall"
470:"Metropolitan Life v. Tremont Group Holdings; Opinion"
113:
990:
How to Smell a Rat: The Five Signs of Financial Fraud
940:
O. C. Ferrell; John Fraedrich; Linda Ferrell (2009).
767:"T. Rowe Price chooses new international stock chief"
667:"Tremont Group Holdings, Inc. | Company Profile"
859:"MOVES-Tremont, Sagent, Deutsche Bank, State Street"
697:"Tremont shuts down Rye, talk surfaces about future"
1059:"KPMG wins dismissal of Madoff feeder fund lawsuit"
790:"Fairfield, Mol, Lehman, UBS, Madoff in Court News"
108:
98:
86:
78:
60:
52:
44:
34:
24:
1195:Privately held companies based in New York (state)
941:
898:
433:
1086:
1084:
312:List of investors in Bernard L. Madoff Securities
157:, and as the largest options market maker on the
1185:Companies based in Westchester County, New York
635:
633:
631:
629:
608:"Tremont Group Holdings, Inc. Company Profile"
468:Parsons, Vice Chancellor (December 20, 2012).
330:Janet L. Sanders, Justice (January 26, 2012).
8:
1057:Emily Chasan; Andre Grenon (April 1, 2010).
882:: CS1 maint: multiple names: authors list (
769:. Pensions & Investments. April 16, 2007
761:
759:
513:: CS1 maint: multiple names: authors list (
332:"Askenazy v.Tremont Group Holdings; Opinion"
19:
1052:
1050:
1048:
690:
688:
241:Massachusetts Mutual Life Insurance Company
228:Hong Kong Securities and Futures Commission
93:Massachusetts Mutual Life Insurance Company
730:
728:
726:
724:
580:
578:
549:
547:
216:National Association of Securities Dealers
129:, a Delaware corporation headquartered in
18:
463:
461:
167:Mario Gabelli of Gabelli Asset Management
901:Con Game: Bernard Madoff and His Victims
1200:1985 establishments in New York (state)
1021:Burton, Katherine (December 15, 2008).
322:
137:group with a subsidiary that advised a
875:
506:
1119:Sandler, Linda (September 22, 2011).
987:Ken Fisher; Lara W. Hoffmans (2010).
788:Amon, Elizabeth (December 23, 2008).
736:"Trustee in Madoff case sues insurer"
201:Tremont Group was founded in 1985 by
7:
588:. CA Court of Appeal. March 23, 2011
528:Baker, Stephanie (January 7, 2009).
145:'s investment advisory firm in the
905:. Transaction Publishers. p.
834:McCarty, Dawn (December 8, 2010).
212:Securities and Exchange Commission
14:
695:Herbst, Svea (January 28, 2009).
440:. John Wiley & Sons. p.
337:. Superior Court of Massachusetts
811:Vidya, Sree (January 29, 2009).
643:(Press release). Rye, New York.
171:Leon Cooperman of Omega Advisors
1:
1190:Companies established in 1985
224:Ontario Securities Commission
163:CSFB Tremont Hedge Fund Index
1091:Bray, Chad (July 29, 2011).
472:. Delaware Court of Chancery
220:Financial Services Authority
127:Tremont Group Holdings, Inc.
1216:
356:David E. Y. Sarna (2010).
1170:Madoff investment scandal
993:. John Wiley & Sons.
261:Madoff investment scandal
179:Pequot Capital Management
147:Madoff investment scandal
104:Rye Investment Management
897:Lionel S. Lewis (2011).
275:Madoff scheme litigation
1098:The Wall Street Journal
432:David Callahan (2010).
394:Erin Arvedlund (2009).
1126:Bloomberg Businessweek
272:
364:John Wiley & Sons
279:In April 2010, Judge
268:
255:Madoff scheme fallout
245:Oppenheimer Funds Inc
1033:on February 24, 2013
495:. CA Court of Appeal
153:, the precursor to
21:
744:. December 9, 2010
560:The New York Times
298:In December 2010,
586:"White v. Manzke"
493:"White v. Manzke"
122:
121:
1207:
1143:
1142:
1140:
1138:
1133:on July 24, 2013
1129:. Archived from
1116:
1110:
1109:
1107:
1105:
1088:
1079:
1078:
1076:
1074:
1069:on March 6, 2016
1065:. Archived from
1054:
1043:
1042:
1040:
1038:
1018:
1012:
1011:
1009:
1007:
984:
978:
977:
972:
970:
950:Cengage Learning
947:
937:
931:
930:
925:
923:
904:
894:
888:
887:
881:
873:
871:
869:
854:
848:
847:
845:
843:
831:
825:
824:
822:
820:
808:
802:
801:
799:
797:
785:
779:
778:
776:
774:
763:
754:
753:
751:
749:
732:
719:
718:
716:
714:
709:on March 5, 2016
705:. Archived from
692:
683:
682:
680:
678:
663:
657:
656:
654:
652:
637:
624:
623:
621:
619:
604:
598:
597:
595:
593:
582:
573:
572:
570:
568:
563:. April 20, 2009
551:
542:
541:
539:
537:
525:
519:
518:
512:
504:
502:
500:
488:
482:
481:
479:
477:
465:
456:
455:
450:
448:
439:
429:
423:
422:
420:
418:
391:
385:
384:
382:
380:
353:
347:
346:
344:
342:
336:
327:
118:
115:
82:Hedge fund group
39:Asset Management
22:
1215:
1214:
1210:
1209:
1208:
1206:
1205:
1204:
1160:
1159:
1151:
1146:
1136:
1134:
1118:
1117:
1113:
1103:
1101:
1090:
1089:
1082:
1072:
1070:
1056:
1055:
1046:
1036:
1034:
1020:
1019:
1015:
1005:
1003:
1001:
986:
985:
981:
968:
966:
964:
939:
938:
934:
921:
919:
917:
896:
895:
891:
874:
867:
865:
856:
855:
851:
841:
839:
838:. Bloomberg L.P
833:
832:
828:
818:
816:
815:. Bloomberg L.P
810:
809:
805:
795:
793:
792:. Bloomberg L.P
787:
786:
782:
772:
770:
765:
764:
757:
747:
745:
734:
733:
722:
712:
710:
694:
693:
686:
676:
674:
665:
664:
660:
650:
648:
639:
638:
627:
617:
615:
606:
605:
601:
591:
589:
584:
583:
576:
566:
564:
553:
552:
545:
535:
533:
532:. Bloomberg L.P
527:
526:
522:
505:
498:
496:
490:
489:
485:
475:
473:
467:
466:
459:
446:
444:
431:
430:
426:
416:
414:
412:
393:
392:
388:
378:
376:
374:
366:. p. 216.
355:
354:
350:
340:
338:
334:
329:
328:
324:
320:
308:
277:
257:
199:
112:
74:
68:
17:
16:U.S. hedge fund
12:
11:
5:
1213:
1211:
1203:
1202:
1197:
1192:
1187:
1182:
1177:
1172:
1162:
1161:
1158:
1157:
1155:Group Homepage
1150:
1149:External links
1147:
1145:
1144:
1111:
1080:
1044:
1029:Archived from
1027:Bloomberg L.P.
1013:
999:
979:
975:Tremont Group.
962:
932:
928:Tremont Group.
915:
889:
849:
826:
803:
780:
755:
720:
684:
658:
647:. June 1, 2007
625:
612:Yahoo! Finance
599:
574:
543:
520:
483:
457:
453:Tremont Group.
424:
410:
386:
372:
348:
321:
319:
316:
315:
314:
307:
304:
276:
273:
256:
253:
198:
195:
175:Arthur Samberg
143:Bernard Madoff
120:
119:
110:
106:
105:
102:
96:
95:
90:
84:
83:
80:
76:
75:
70:
64:
62:
58:
57:
54:
50:
49:
46:
42:
41:
36:
32:
31:
26:
15:
13:
10:
9:
6:
4:
3:
2:
1212:
1201:
1198:
1196:
1193:
1191:
1188:
1186:
1183:
1181:
1178:
1176:
1175:Rye, New York
1173:
1171:
1168:
1167:
1165:
1156:
1153:
1152:
1148:
1132:
1128:
1127:
1122:
1115:
1112:
1100:
1099:
1094:
1087:
1085:
1081:
1068:
1064:
1060:
1053:
1051:
1049:
1045:
1032:
1028:
1024:
1017:
1014:
1002:
1000:9780470631966
996:
992:
991:
983:
980:
976:
965:
963:9781439042816
959:
955:
951:
946:
945:
936:
933:
929:
918:
916:9781412846097
912:
908:
903:
902:
893:
890:
885:
879:
864:
860:
853:
850:
837:
830:
827:
814:
807:
804:
791:
784:
781:
768:
762:
760:
756:
743:
742:
737:
731:
729:
727:
725:
721:
708:
704:
703:
698:
691:
689:
685:
672:
668:
662:
659:
646:
642:
636:
634:
632:
630:
626:
613:
609:
603:
600:
587:
581:
579:
575:
562:
561:
556:
550:
548:
544:
531:
524:
521:
516:
510:
494:
487:
484:
471:
464:
462:
458:
454:
443:
438:
437:
428:
425:
413:
411:9781101137789
407:
403:
402:Penguin Books
399:
398:
390:
387:
375:
373:9780470877708
369:
365:
361:
360:
352:
349:
333:
326:
323:
317:
313:
310:
309:
305:
303:
301:
300:Irving Picard
296:
294:
290:
286:
282:
281:Thomas Griesa
274:
271:
267:
264:
262:
254:
252:
248:
246:
242:
238:
236:
235:Rye, New York
231:
229:
225:
221:
218:, the U.K.'s
217:
213:
209:
208:fund of funds
204:
203:money manager
196:
194:
192:
188:
184:
180:
176:
172:
168:
164:
160:
156:
152:
148:
144:
140:
136:
132:
131:Rye, New York
128:
124:
117:
111:
107:
103:
101:
97:
94:
91:
89:
85:
81:
77:
73:
67:
66:Rye, New York
63:
59:
56:Sandra Manzke
55:
51:
47:
43:
40:
37:
33:
30:
27:
23:
20:Tremont Group
1137:February 27,
1135:. Retrieved
1131:the original
1124:
1114:
1104:February 12,
1102:. Retrieved
1096:
1073:February 13,
1071:. Retrieved
1067:the original
1062:
1037:February 12,
1035:. Retrieved
1031:the original
1016:
1006:February 12,
1004:. Retrieved
989:
982:
974:
969:February 12,
967:. Retrieved
943:
935:
927:
922:February 12,
920:. Retrieved
900:
892:
868:February 13,
866:. Retrieved
862:
852:
842:February 12,
840:. Retrieved
829:
819:February 12,
817:. Retrieved
806:
796:February 12,
794:. Retrieved
783:
773:February 12,
771:. Retrieved
748:February 12,
746:. Retrieved
741:Boston Globe
739:
713:February 12,
711:. Retrieved
707:the original
700:
677:February 13,
675:. Retrieved
661:
651:February 13,
649:. Retrieved
618:February 13,
616:. Retrieved
602:
592:February 13,
590:. Retrieved
567:February 12,
565:. Retrieved
558:
536:February 12,
534:. Retrieved
523:
499:February 12,
497:. Retrieved
486:
476:February 12,
474:. Retrieved
452:
447:February 12,
445:. Retrieved
435:
427:
417:February 12,
415:. Retrieved
396:
389:
379:February 12,
377:. Retrieved
358:
351:
341:February 12,
339:. Retrieved
325:
297:
278:
269:
265:
258:
249:
239:
232:
200:
126:
125:
123:
61:Headquarters
25:Company type
1180:Hedge funds
645:PR Newswire
139:feeder fund
1164:Categories
952:. p.
318:References
226:, and the
135:hedge fund
29:Hedge fund
878:cite news
283:, of the
100:Divisions
671:Hoover's
509:cite web
306:See also
79:Services
35:Industry
1063:Reuters
863:Reuters
702:Reuters
289:auditor
197:History
187:Quantum
133:, is a
114:tremont
109:Website
53:Founder
45:Founded
997:
960:
913:
673:. 2013
614:. 2013
408:
370:
222:, the
183:S.A.C.
159:NASDAQ
88:Parent
335:(PDF)
155:FINRA
1139:2013
1106:2013
1075:2013
1039:2013
1008:2013
995:ISBN
971:2013
958:ISBN
924:2013
911:ISBN
884:link
870:2013
844:2013
821:2013
798:2013
775:2013
750:2013
715:2013
679:2013
653:2013
620:2013
594:2013
569:2013
538:2013
515:link
501:2013
478:2013
449:2013
419:2013
406:ISBN
381:2013
368:ISBN
343:2013
293:KPMG
214:and
189:and
173:and
151:NASD
116:.com
72:U.S.
48:1985
954:408
243:'s
191:AQR
177:of
141:to
1166::
1123:.
1095:.
1083:^
1061:.
1047:^
1025:.
973:.
956:.
948:.
926:.
909:.
907:43
880:}}
876:{{
861:.
758:^
738:.
723:^
699:.
687:^
669:.
628:^
610:.
577:^
557:.
546:^
511:}}
507:{{
460:^
451:.
442:40
404:.
400:.
362:.
291:,
263:.
193:.
185:,
169:,
69:,
1141:.
1108:.
1077:.
1041:.
1010:.
886:)
872:.
846:.
823:.
800:.
777:.
752:.
717:.
681:.
655:.
622:.
596:.
571:.
540:.
517:)
503:.
480:.
421:.
383:.
345:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.