Doctors are notoriously horrible investors, so we’re not surprised they went with Madoff, but they do know people. And this bunch thinks he didn’t act alone.
Greenwich Time: The retirement fund for a group of Fairfield doctors and more than 100 employees is among those that’s been jeopardized in the unfolding Bernard Madoff scandal.
Dr. Robert Dawe of Fairfield-based Orthopaedic Specialty Group said Tuesday the doctors have been in contact with lawyers trying to sort out this mess that blindsided them. The group’s entire retirement fund, which covers more than 130 people, was invested with Bernard Madoff Investment Securities LLC.
…“I’m not an expert on finance,” Dawe said. “I’m an expert in orthopaedic surgery.”
He said the group met twice a year with a Madoff associate to discuss the fund. They were shown documents indicating the group’s money was being invested in blue-chip securities, he said.
“We were always told Madoff was in the south of France,” he said, adding that’s why he doesn’t believe this scam was perpetrated by a single individual, as has so far been reported.