After we published this story, we were contactedd by representatives for FFG. They claim that they never closed the 3rd Avenue office photographed here. Instead, they say that they simply moved their executive offices from East 52nd to Third Avenue, which they said have been in use as a branch office
Sure. They must have a definition of “closed.” Our source confirms that the offices at Third Avenue have been dark for several months, and actively only recently resumed there.
Nonetheless, now you have their version of the story too.
The Manhattan offices of the Fairfield Greenwich Group are back open, according to a person familiar with the matter. The hedge fund was one of Bernie Madoff’s biggest enablers, raising billions of dollars from outside investors that it wound up just pitching into the ponzi schme. (After taking its own cut, of course.)
For several weeks, the NYC offices of FGG were closed. We had figured that this was a sign that the disgraced firm was shutting down operations. After all, who in their right mind would trust them with bus fare much less any real investment capital?
But it looks like we were wrong. That office in midtown Manhattan is back open for business. In fact, the founder of FGG, Walter Noel, has been reporting for work in the office.
So what are they doing? We suspect that much of the work that goes on at FGG now comprises giving money back to investors and talking with lawyers about how to defend themselves from the various lawsuits that have already been filed, and the many, many more that inevitably will get filed.