Sandra Manzke
Sandra Manzke
Sandra Matzke is a money manager who founded the Tremont Group in 1985 and was its chief executive officer from May 1994 to August 2000, and co-CEO until 2005.
It owns Tremont Partners and Tremont Capital Management (formerly Tremont Advisers), a hedge fund of funds.
Tremont Holdings also has offices in London, Toronto, and Hong Kong.
Its subsidiaries are regulated by the U.S.'s Securities and Exchange Commission and National Association of Securities Dealers, the U.K.'s Financial Services Authority, the Ontario Securities Commission, and the Hong Kong Securities and Futures Commission.
Tremont Group invested with Madoff starting in 1997 via its Rye Investment Management division, headquartered in Rye, New York.
Tremont Group closed the Rye Investment Management division in January 2009.
Massachusetts Mutual Life Insurance Company's Oppenheimer Funds Inc. unit paid $140 million to purchase Tremont from Manzke in 2001.
Manzke left Tremont in 2005.
A breif history of the Madoff fraud
a Ponzi scheme that is considered the largest financial fraud in U.S. history. Prosecutors estimated the size of the Bernard L. Madoff Investment Securities fraud to be $64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008. [-1]
Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008. [-1] The firm was one of the top market maker businesses on Wall Street, which bypassed "specialist" firms by directly executing orders over the counter from retail brokers. [-1] At the firm, he employed his brother Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff, as the firm's rules and compliance officer and attorney, and his sons Andrew and Mark. Peter has since been sentenced to 10 years in prison [-1] and Mark committed suicide by hanging exactly two years after his father's arrest. [-1] [-1] [-1] Andrew died of lymphoma on September 3, 2014. [-1]
On December 10, 2008, Madoff's sons told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as describing it as "one big lie". The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted multiple investigations into Madoff's business practices, but had not uncovered the massive fraud. [-1]
On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme. The Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the mid-1980s [-1] and may have begun as far back as the 1970s. Those charged with recovering the missing money believe the investment operation may never have been legitimate. [-1] The amount missing from client accounts, including fabricated gains, was almost $65 billion. [-1] The Securities Investor Protection Corporation (SIPC) trustee estimated actual losses to investors of $18 billion. [-1] On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed. [-1] [-1]
[-1] New York Times journalist Diana B. Henriques [-1]in two prison interviews came to the conclusion that the fraud goes all the way back to the begining to April 1962 [-1], when the market hit an air pocket. Madoff took money from other accounts and make other accounts whole. Clients were very impressed getting thru the worst week since 1929, and these early clients did not loose a dollar.