Tremont Group Holdings invested 3.3 billion with Bernard Madoff
Tremont hedge 'loses $3.3 bln in Madoff scandal'
WASHINGTON (AFP) – US hedge fund Tremont Group Holdings invested 3.3 billion dollars with Bernard Madoff, the disgraced investment manager accused in a massive fraud, a source familiar with the matter said Monday.
Tremont, a subsidiary of Oppenheimer Acquisition Corporation, part of insurance giant MassMutual, indicated it had exposure to the Madoff scheme but did not disclose any amounts.
A source familiar with the matter, however, confirmed reports that the exposure was 3.3 billion dollars.
Madoff, 70, has been charged in connection with a fraud that could reach 50 billion dollars, of which about 60 percent has been identified by specific investors.