kaal:claim:2811718-028

Because Madoff overtly disallowed scrutiny of his secretive and unconventional practices, it was impossible for feeder funds such as Rye to perform the due diligence they had represented to investors.

Source quote, verbatim

Again, it was impossible for a fund like Rye to perform due diligence as Madoff overtly disallowed such due diligence of his extremely secretive and unconventional practices.

From

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016), III.B.3. Impact of the Madoff Ponzi Scheme, p. 48
https://ssrn.com/abstract=2811718 · source PDF

Cite as

Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718

Holds when

Madoff feeder funds
In re Tremont

Classification

failuresupport: evidencedfailure: diligence impossible where manager blocks accessfamily: information-asymmetryinstitutional-design

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