In the late 1990s, executives at Ivy Asset Management began urging clients to back off from Bernard Madoff, the man later revealed as Wall Street's greatest fraudster. But New York's attorney general now says those warnings weren't loud enough. The state sued Ivy and two of its former executives Tuesday, claiming they had "disturbing" evidence years ago that Madoff was lying about his investment methods, but played down those suspicions because they feared losing millions of dollars in management fees.
May 12, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In the late 1990s, executives at the financial advisory firm Ivy Asset Management decided something about Bernard Madoff didn’t add up, and began urging clients to back away from the man later revealed to be Wall Street’s greatest fraudster.
Those warnings weren’t loud enough, New York’s attorney general now says.
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