# kaal:claim:2811718-031

**Claim.** Advertising an elaborate multi limb due diligence process is no evidence that it was applied: Madoff's asset management advisers FIM Limited and FIM Advisers touted what sounded like above industry standards yet applied none of them to Madoff's firm and admitted as much.

**Type.** failure  **Support.** evidenced

**Holds when.**

- In re Bernard L. Madoff Investment Securities LLC
- Kingate feeder funds

**Source quote.**

> Despite its touting of what sound like above industry standards, Madoff's asset management advisors, FIM Limited and FIM Advisers (FIM), applied none of these standards to BLMIS and admitted as much.

**From.** Wulf A. Kaal, *Private Fund Investor Due Diligence – Evidence from 1995 to 2015* (2016), III.B.3. Impact of the Madoff Ponzi Scheme, page 54

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

**Verify.** sha256 of source PDF `b52152af561288173840a1cabbcf8f4b337e73507c856ee01600799073f4156f` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Private%20Fund%20Investor%20Due%20Diligence%20%E2%80%93%20Evidence%20from%201995%20to%202015.pdf

**Failure mode.** due diligence theater  (family: fraud-and-misconduct)

**Topics.** disclosure

**Keywords.** due-diligence-theater, madoff, feeder-funds, disclosure-versus-practice

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