/ Source: Reuters
Massachusetts' top securities regulator said on Tuesday his office has settled for $8 million with financial swindler Bernard Madoff's feeder fund Fairfield Greenwich Group, becoming the first state regulator to reach such a agreement.
"This Fairfield settlement, which provides restitution and interest for Massachusetts investors, represents the first investor relief ordered by a regulator in the Madoff scandal and I hope that it will become a template for other resolutions," William Galvin, the Massachusetts secretary of State said in a telephone interview.
The announcement comes one day before Galvin's office had scheduled extensive hearings with Fairfield Greenwich executives to examine details about the firm's relationship with Madoff.