Fairfield Greenwich Founders Sell Some Luxuries
Fairfield Greenwich Founders Sell Some Luxuries
February 10, 2009
The founders of the hedge fund that lost more than any other investor in the Bernard Madoff scandal are beginning to prepare for a life less luxurious.
Facing a myriad of lawsuits over their firm’s $7.5 billion in losses suffered in the alleged $50 billion Ponzi scheme, Fairfield Greenwich Group founders Walter Noel and Jeffrey Tucker are doing away with some of the finer things in life, the New York Post reports. The duo have sold their one-sixteenth share of a Cessna 560XL private jet. The move could save them about $60,000 per year.
Meanwhile, Tucker is pondering an even more painful privation: selling his upstate New York horse farm. Tucker, the chairman of horseracing group Empire Racing, has been in talks with real estate brokers about listing his Stone Bridge horse farm near Saratoga Springs. He’s owned the farm since 2004 and has spent millions upgrading it.
According to the Post, he’s leaning towards listing the farm with Sotheby’s.
While Fairfield Greenwich may have been the biggest loser in the Madoff scandal, many of its investors would object to terming it a victim. The firm—and its founding partners—are facing several lawsuits accusing it—and them—of due diligence and fiduciary failures.
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