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Tremont Group

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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
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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.
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When the scheme was uncovered in December 2008, Brad Alford, who runs Alpha Capital Management LLC, which helps clients choose hedge funds, said:
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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).
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History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff
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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).
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Business Ethics 2009: Ethical Decision Making and Cases
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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
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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:. 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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:. 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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:.

Index

Hedge fund
Asset Management
Rye, New York
U.S.
Parent
Massachusetts Mutual Life Insurance Company
Divisions
tremont.com
Rye, New York
hedge fund
feeder fund
Bernard Madoff
Madoff investment scandal
NASD
FINRA
NASDAQ
CSFB Tremont Hedge Fund Index
Mario Gabelli of Gabelli Asset Management
Leon Cooperman of Omega Advisors
Arthur Samberg
Pequot Capital Management
S.A.C.
Quantum
AQR
money manager
fund of funds
Securities and Exchange Commission
National Association of Securities Dealers
Financial Services Authority
Ontario Securities Commission

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