Madoff: the SEC’s Complaint and What it May Mean for Private Fund Placement Agents

On December 11, 2008, the Securities and Exchange Commission brought a civil action against Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC (BMIS), a broker dealer and investment adviser registered in both capacities with the SEC, in the United States District Court for the Southern District of New York, alleging that Madoff and BMIS committed fraud through the investment advisory activities of BMIS.  We detail the complaint and discuss a topic that has not yet received significant attention – the implications of the Madoff scandal for private fund placement agents.

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