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L.A. Based Bernie Madoff Middleman to be Sued by State
Attorney Jerry Brown tomorrow plans to announce a lawsuit filing against "a Los Angeles based investment adviser who directed hundreds of millions of dollars in clients' investments to Bernard Madoff, while actively concealing the link between the two," according to an advisory. "For decades, this investment adviser claimed to use a proprietary strategy to generate 20 to 25 percent returns. In reality, the high returns were a product of Madoff's massive Ponzi scheme. For his so-called investment expertise, the adviser pocketed over $270 million in fees, charging investors 25 percent fees on profits."
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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