Madoff feeder funds face recovery challenges

British Virgin Islands Supplement October 2010: Hedge fund ambitions

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The British Virgin Islands (BVI) was home to some of the largest Madoff feeder funds, including those run by Fairfield Greenwich, Kingate and Mount Capital. Between them these entities are believed to have had over $10 billion invested in Bernard L Madoff Investment Securities (BLMIS) when it was exposed as a Ponzi scheme.The liquidators hope to recover funds from three main sources. Claims have been made against the Madoff estate and proceedings have also been initiated against investors who