WRAPUP 1-Judge freezes assets of Madoff sons, executives

[bemildred]

Source: Reuters

BOSTON/NEW YORK, March 31 (Reuters) - A judge froze the assets of disgraced Wall Street legend Bernard Madoff's two sons and five executives who ran hedge fund portfolios that funneled money into his Ponzi scheme.

The order by Connecticut Superior Court Judge Arthur Hiller, issued Monday and made public Tuesday, prohibits them from selling homes or moving money, and marks the first time their assets have been frozen.

"This is an important step," said David Golub, a lawyer representing the town of Fairfield, Connecticut, in a lawsuit against Madoff and the so-called feeder funds run by Tremont Group Holdings, Maxam Capital Management and Fairfield Greenwich Group.

The town's pension funds charged in a lawsuit that the funds "knew -- or willfully refused to know -- that Madoff's investment returns were not actually produced by his purported split-strike conversion strategy."

Read more: http://www.reuters.com/article/marketsNews/idUSN3150656820090331

[Jefferson23]

1. "willfully refused to know", I like that, and I hope it helps Golub succeed.

[depakid]

2. Time to call in the forensic accountants