Maxam Absolute Return Fund

MAXAM Capital Management’s Absolute Return Fund had exposure to Madoff

MAXAM Capital Management, the $1.8bn Connecticut-based fund of hedge fund (FoHF) manager, had exposure to the “Ponzi scheme” allegedly perpetrated by Wall Street legend, Bernard Madoff.

Founder: Sandra L. Manzke


Madoff was the investment adviser over all the $300 million Maxam Absolute Return Fund’s assets. Maxam was scheduled to receive $2.8 million for investing $280 million in 2008.[159] The Town of Fairfield, Connecticut invested in Madoff through the Return Fund created by Maxam Capital Management LLC, based in Darien, Connecticut. The Maxam fund in turn invested in Madoff through Tremont. Sandra L. Manzke, the founder of Maxam Capital, has had her assets temporarily frozen by the same Connecticut court.[164]


The settlement with Maxam returns $97.8 million that the fund had withdrawn from Madoff’s firm, according to court papers. Maxam in exchange will now have an allowed claim of nearly $276.7 million in the recovery proceedings.


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