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Seven hedge funds, without objection of auditor Ernst & Young, might have entrusted assets to Bernie Madoff.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Scams (Including Madoff)
- Unregistered Investments
- Registration Statement
- Audit Action
- Private Placement
- Lead Plaintiff Not Chosen
Product or Service
- Hedge Funds
Injury Type
- Monetary Loss
Investigation Details
This action is brought on behalf of investors into three separate hedge funds against those that controlled the funds, the funds themselves and the auditors of those funds.
With each hedge fund, most of the funds assets ended up invested with Madoff and either lost completely or substantially impaired.
The hedge funds incude: (1) The Herald USA Fund. (2) The Herald Luxemburg Fund. (3) The Primeo Selct Fund. (4) The Primeo Executive Fund. (5) The Pioneer Alternative Fund. (6) The Pioneer Alternative Investments Fund. (7) The Thelma International Fund.
Bank Medici acted as an investment advisor for, or placed investors with, each of the funds. Medici is partially owned by Bank of Austria, which in turn is owned by Unicredit.
Ernst & Young was the independent auditor for some of the funds.
Investors in these seven funds are part of this proposed class as each fund invested either all of a large concentration of its assets with Madoff in violation of a host of duties each owed to the investors.
With each hedge fund, most of the funds assets ended up invested with Madoff and either lost completely or substantially impaired.
The hedge funds incude: (1) The Herald USA Fund. (2) The Herald Luxemburg Fund. (3) The Primeo Selct Fund. (4) The Primeo Executive Fund. (5) The Pioneer Alternative Fund. (6) The Pioneer Alternative Investments Fund. (7) The Thelma International Fund.
Bank Medici acted as an investment advisor for, or placed investors with, each of the funds. Medici is partially owned by Bank of Austria, which in turn is owned by Unicredit.
Ernst & Young was the independent auditor for some of the funds.
Investors in these seven funds are part of this proposed class as each fund invested either all of a large concentration of its assets with Madoff in violation of a host of duties each owed to the investors.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| HSBC Holdings plc (HCS) | HSBC Holdings plc, together with its subsidiaries, provides various banking and financial services worldwide. |
| Ernst & Young | Ernst & Young is a professional services firm that performs, accounting, audit and consulting functions. |
| Herald USA Fund | Herald USA Fund is a hedge fund that concentrated its investment capital with Bernie Madoff. |
| Herald Luxemburg Fund | Herald Luxemburg Fund is a hedge fund that concentrated its investment capital with Bernie Madoff. |
| Primeo Executive Fund | Primeo Executive Fund is a hedge fund managed by Pioneer Investments Management Limited and its affiliates. |
| Pioneer Alternative Fund | Pioneer Alternative Fund is a hedge fund managed by Pioneer Global Asset Management S.p.A and its affiliates. |
| Pioneer Alternative Investments Fund | Pioneer Alternative Investments Fund is a hedge fund managed by Pioneer Global Asset Management S.p.A and its affiliates. |
| Bank Medici AG | Bank Medici AG is a bank headquartered in Vienna, Austria. Bank Austria is a large shareholder. Bank Medici is an asset manager and investment advisors. Bank Medici ceased operations after the Madoff scandal as it invested significant sums into Madoff related entities. |
| Bank Austria | Bank Austria, a member of UniCredit Group, is a European bank, and operates primarily in Austria. |
| UniCredit S.p.A. | UniCredit S.p.A. is a european bank. |
| Primeo Select Fund | Primeo Select Fund is a hedge fund managed by Pioneer Investments Management Limited and its affiliates. |