NY Attorney General Andrew Cuomo sues Ivy Asset Management over Madoff investments

An investment organisation that directed clients to Bernie Madoff abandoned "disturbing facts" about the Ponzi intrigue mastermind, the states tip prosecutor charged Tuesday.New York Attorney General Andrew Cuomo sued Ivy Asset Management, charging the clients - together with 76 grant plans - lost some-more than $225 million to Madoffs swindle."Ivy and the former co-principals saw the difficulty with Madoff entrance around the bend, but instead of running their clients by the monetary waters, they sole them down the river," Cuomo said.The fit filed in Manhattan Supreme Court charges that Ivys dual comparison managers saw red flags about Madoff some-more than a decade prior to he confessed to the intrigue that landed him in jail for 150 years.It says inner papers and emails show Ivy bosses Lawrence Simon and Howard Wohl declined to share their doubts with investors since they disturbed about losing close to 20% of the firms sum revenue.In 2003, Wohl wrote "Madoff (NOT!)" when inventory income managers that should be recommended, the fit says. In a 2002 inner document, Wohl described Madoff as a "fraud."Simon and Wohl each warranted some-more than $100 million from offered Ivy to the Bank of New York, but allegedly knew as early as 1997 that they should not be investing with Madoff.New York investors were never told that, Cuomo claims."Defendants had a transparent preference - to put their clients first, on whose interest thousands of workers" worker benefits depended or to put their own interests initial and heighten themselves," the fit says. "They chose the latter."Ivys arch restructuring officer, Douglas Squasoni, pronounced the association played it true with investors."Ivy sensitive the clients that it had questions about Madoff that it could not answer and endorsed to the clients that they revoke their bearing to Madoff," he pronounced in a statement.
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