A 56-year-old partner at Paulson & Co., who was best known for losing billions of his clients' money to Bernie Madoff's Ponzi scheme when he ran the Fairfield Greenwich fund of funds, leaped to his death from the luxury Sofitel hotel in midtown Manhattan. Charles W. Murphy was wearing a dark business suit when he plunged to his death from the 24th floor of the 45 W. 44th St. building at around 4:42pm on Monday.
Murphy was working at the Fairfield Greenwich Group when Madoff was arrested in December 2008; as a result of the fraud Fairfield Greenwich lost $7.5 billion of its customers’ cash. In December 2013, Fairfield Greenwich settled a class action suit for $80. 2million, according to a website for Madoff's victims. They were sued for failing to protect investor assets. Almost 3,000 investors claimed a portion of the settlement. Murphy was a Partner and Member of the Executive Committee.
The group's Fairfield Sentry Fund was the disgraced financier's biggest feeder fund. Up until the scandal, the fund had been paid more than 11 percent interest each year following a 15-year relationship with Madoff.
At the time of his death, Murpthy was working with Paulson & Company.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
As well as he should have. Guilt is a MoFo!
ReplyDeleteHis greed led to his grief, then death. Returns too good to be true? No pity for them. You gamble on big returns and run the risk of big loses. Business 101.
ReplyDelete