Why does Madoff matter?
Since the arrest in December last year of Bernard Madoff on charges of fraud, questions have been asked as to how both the authorities and investors failed to spot the investment manager’s Ponzi scheme.
“I think the Madoff case has really raised a lot of eyebrows for a lot of people,” says Hedge Funds Investment Management chief investment officer Tushar Patel.
While fingers have been pointed at the US Securities and Exchange Commission (SEC), investors themselves must shoulder some of the blame for the losses. Proper due diligence could have alerted potential investors to issues such as the fact Madoff employed a small three-person accountancy firm, despite apparently managing billions of
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