A group of investors who claim they lost up to $13 million with fraudster Bernard Madoff are suing a feeder fund and accounting firm KPMG, alleging the firms failed to keep tabs on their investments in one of the largest Ponzi schemes in U.S. history.
The Palm Beach Circuit Court suit filed Tuesday contends Rye, N.Y.-based hedge fund manager Tremont Partners, three of its funds that invested most of their money with Madoff and auditing firm KPMG failed to properly manage the investments and “simply turned plaintiffs’ money” over to Madoff. He was not named in the complaint.
