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Case 1:11-cv-05905-AT Document 29 Filed 02/28/14 Page 1 of 3 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK In re: FAIRFIELD SENTRY LLMITED, et al., I I Civ. 5905 (AT) DECLARATION OF TRACY COLE IN SUPPORT OF TRUSTEE'S MOTION TO INTERVENE TRACY COLE, under penalty of perjury, declares: 1. 1 am a member of the Bar of this Court and a partner at the firm of Baker & Hostetler LLP, counsel for Irving H. Picard, trustee ("Trustee") for the substantively consolidated liquidation of Bernard L. Madoff Investment Securities LLC under the Securities Investor Protection Act, 15 U.S.C. §§ 78aaa, et seq., and the estate of Bernard L. Madoff, individually. 2. I am fully familiar with the facts set forth herein. I make this declaration to transmit to this Court a true and correct copy of the documents in connection with the memorandum oflaw in support of the Trustee's motion to intervene to protect his interests in an assignment of claims against Fairfield Greenwich Group's ("FGG") management entities and individuals. 3. The Tmstee received notice of Morning Mist's motion to withdraw the reference of the present action on or after August 23, 2011. 4. Tbe Trustee received notice of this Court's decision to withdraw the reference on or after January 8, 2014. 5. True and correct copies of the foll owing documents are attached: Case 1:11-cv-05905-AT Document 29 Filed 02/28/14 Page 2 of 3 Exhibit I: Am. Compl., Picard v. Fairfield Senlly Limited, et. al, No. 09- 01239 (Bankr. S.D.N.Y. July 20, 2010), ECF No. 23. Exhibit 2: Compl., S.E.C. v. Bernard L. Madoff, Bernard L. Madoff Investment Sec. LLC, No. 08-cv-10791 (S.D.N.Y. Dec. 11 , 2008), ECF No. L. Exhibit 3: Op. and Order, Sec. Investor Prot. C01p. v. Bernard L. Madoff/n. v. Sec. LLC (In re Madof{Sec.), 12 MC 115 (S.D.N.Y. Dec. 6, 201 3), ECFNo. 509. Exbi bit 4: Op. and Order, Sec. Investor Prot. Corp. v. Bernard L. Madoff fnv. Sec. LLC (In re Madojj'Sec.), No. 12 MC ll5 (S.D.N.Y. Oct. 29, 20'13), ECF No. 494. Exhibit 5: Order Appointing Joint Liquidators, In re Fai1fi.eld Sentry Limited, No. BYIHCV2009/l36 (Eastern Caribbean Supreme Court, June 21, 2009). Exhibit 6: Exhibit A to the Motion (Settlement Agreement), Picard v. Failfield Sentry Limited, et al. , No. 09-01239 (Bankr. S.D.N.Y. May 9, 2011), ECF No. 69. Exhibit 7: Minute Order, In re Fai1jield Sentry Limited, et a/. , No. 10-13164 (Bankr. S.D.N.Y. July 22, 2010), ECF No. 47. Exhibit 8: Am. Compl., In re Fairfield Sentry, et al. , No. 10-0800 (Bankr. S.D.N.Y. October 27, 2011), ECF No. 12. Exhibit 9: Exhibit A to the Mot. to Approve, In re Fairfield Sentry, et. al. , No. 10-13164 (Bankr. S.D.N.Y. Sept. 23, 2010), ECF No. 115. Exhibit 10: Mot. to Approve Settlement, Picard v. Failjield Sen.rry Limited, et al. , No. 09-01239 (Bankr. S.D.N.Y. May 9, 2011), ECF No. 69. Exhibit 11: Tr. of Hearing, Picard v. FaiJfi.e/d Sentry Limited, er al., No. 09- 01239 (Bankr. S.D.N.Y. June 7, 201 '1), ECF No. 93. Exhibit 12: Bench Mem. and Order, Picard v. Fairf ield SentJy Limited, et al. , No. 09-01239 (Bankr. S.D.N.Y. June 7, 2011 ), ECF No. 92. Exhibit 13: Notice of BVI Court's Order Approving Fairfield Sentry Settlement, In re Fairfield Senrry Ltd. , No. 10-13164 (Bankr. S.D.N.Y. fil ed June 14, 2010), ECF No. 452. ｅ ｸ ｾ ｢ ｩ ｴ 14: Cohen Affidavit, Picard v. Fairfield Greenwich Limited, et. a/. , No. 12-02047 (Bankr. S.D.N.Y. Nov. 29, 201 2), ECF No.5. 2 Case 1:11-cv-05905-AT Document 29 Filed 02/28/14 Page 3 of 3 Ex hi bit 15: Order, Sec. lnvest.or Prot. Corp. v. Bernard L. Madoff lnv. Sec. LLC (In re Madoff Sec.), No. 12-cv-02638 (S.D.N.Y. May 16, 2012), ECF No. 8. Exhibit 16: Mot. to Dismiss, Sec. Inveswr Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re MadojfSec.), No. 12 MC 115 (S.D.N.Y. Aug. 3, 2012), ECF No. 270. Exhibit 17: Mem. of Law in Support, Sec. Investor Prot. C01p. v. Bernard L. Mado.fflnv. Sec. LLC (In re MadoffSec.), No. 12 MC 115 (S.D.N.Y. Aug. 3, 2012), ECF No. 271. Exhibit 18: Tr. of Proceedings, Sec. lnveswr Pro t.. Corp. v. Bernard L. Madoff lnv. Sec. LLC (In re Madojj'Sec.), No. 12 MC 115 (S.D.N.Y. Oct. 15, 2012), ECF No. 404 Exhibit 19: Mot. to Withdraw the Bankmptcy Reference, In re Fairfield Sentry Ltd., et al., No. 11-cv-05905, (S.D.N.Y. Aug. 23, 2011), ECF No. l. Exhibit 20: Mem. of Law in Support, ln. re Fairfield SentJy Ltd. , et al., No. 11- cv-05905, (S.D.N.Y. Aug. 23, 20 11 ), ECF No. 2. Exhibit 2 1: Endorsed Letter, In re Fairfield Sent1y Ltd., eta.!. , No. 11 -cv- 05905 (S.D.N.Y. Oct. 3, 201 2), ECF No. 19. Exhibit 22: Endorsed Letter, In re Fait:field Sentry Ltd. , eta!., No. 11 -cv- 05905 (S.D.N.Y. Nov. 1, 20 12), ECF No. 20. Exhmbit 23: Letter, In re Fairfield Sent1y Ltd. , et al., No. 11-cv-05905 (S .D.N.Y. Oct. 3, 20 13), ECF No. 22. Exhibit 24: Order, In re Fairfield Sentry Ltd., et al., No. 11-cv-05905 (S.D. N.Y. Jan. 8, 2014), ECF No. 23. Exbjbit 25: Order, Sec. In vestor Prot. Corp. v. Bernard L. Madoff lnv. Sec. LLC (ln. re MadoffSec.), No. 12 MC 115 (S.D.N.Y. Aug. 22, 2012), ECF No. 114. Exhjbit 26: Letter, In re Fairfield Sen. fly Ltd., et al., No. 1 l-cv-05905 (S. D.N.Y. Jan. 29, 20 14), ECF No. 25. I declare under penalty of perjury that the foregoing is true and correct. Executed on: February 28, 2014 New York, New York 3 Case 1:11-cv-05905-AT Document 29-1 Filed 02/28/14 Page 1 of 229 EXHIBIT 1 Case 1:11-cv-05905-AT Document 29-1 Filed 02/28/14 Page 2 of 229 Baker & Hostetler LLP 45 Rockefeller Plaza New York, New York 10111 Telephone: (212) 589-4200 Facsimile: (212) 589-4201 David J. Sheehan E-mail: [email protected] Marc E. Hirschfield E-mail: [email protected] Mark A. Kornfeld E-mail: [email protected] Attorneys for Irving H. Picard, Esq., Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Adv. Pro. No. 08-01789 (BRL) Plaintiff-Applicant, SIPA Liquidation v. (Substantively Consolidated) BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Defendant. In re: BERNARD L. MADOFF, AMENDED COMPLAINT Debtor. IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, Adv. Pro. No. 09-01239 (BRL) Plaintiff, v. FAIRFIELD SENTRY LIMITED, Case 1:11-cv-05905-AT Document 29-1 Filed 02/28/14 Page 3 of 229 GREENWICH SENTRY, L.P., GREENWICH SENTRY PARTNERS, L.P., FAIRFIELD SIGMA LIMITED, FAIRFIELD LAMBDA LIMITED, CHESTER GLOBAL STRATEGY FUND LIMITED, CHESTER GLOBAL STRATEGY FUND, IRONGATE GLOBAL STRATEGY FUND LIMITED, FAIRFIELD GREENWICH FUND (LUXEMBOURG), FAIRFIELD INVESTMENT FUND LIMITED, FAIRFIELD INVESTORS (EURO) LIMITED, FAIRFIELD INVESTORS (SWISS FRANC) LIMITED, FAIRFIELD INVESTORS (YEN) LIMITED, FAIRFIELD INVESTMENT TRUST, FIF ADVANCED, LTD., SENTRY SELECT LIMITED, STABLE FUND, FAIRFIELD GREENWICH LIMITED, FAIRFIELD GREENWICH (BERMUDA), LTD., FAIRFIELD GREENWICH ADVISORS LLC, FAIRFIELD GREENWICH GP, LLC, FAIRFIELD GREENWICH PARTNERS, LLC, FAIRFIELD HEATHCLIFF CAPITAL LLC, FAIRFIELD INTERNATIONAL MANAGERS, INC., FAIRFIELD GREENWICH (UK) LIMITED, GREENWICH BERMUDA LIMITED, CHESTER MANAGEMENT CAYMAN LIMITED, WALTER NOEL, JEFFREY TUCKER, ANDRÉS PIEDRAHITA, MARK MCKEEFRY, DANIEL LIPTON, AMIT VIJAYVERGIYA, GORDON MCKENZIE, RICHARD LANDSBERGER, PHILIP TOUB, CHARLES MURPHY, ROBERT BLUM, ANDREW SMITH, HAROLD GREISMAN, GREGORY BOWES, CORINA NOEL PIEDRAHITA, LOURDES BARRENECHE, CORNELIS BOELE, SANTIAGO REYES, JACQUELINE HARARY Defendants. Case 1:11-cv-05905-AT Document 29-1 Filed 02/28/14 Page 4 of 229 I. NATURE OF THE ACTION ................................................................................ 1 II. JURISDICTION AND VENUE ............................................................................ 4 III. BACKGROUND ................................................................................................... 5 IV. TRUSTEE’S POWERS AND STANDING ........................................................ 10 V. DEFENDANTS ................................................................................................... 12 A. The Feeder Funds..................................................................................... 12 B. FGG Affiliates ......................................................................................... 16 VI. FGG AND ITS HISTORICAL RELATIONSHIP WITH FGG.......................... 79 A. Noel and Tucker Meet Madoff and Make Their First Investments With BLMIS ............................................................................................ 81 B. Noel and Tucker Expand FGG’s Offerings to U.S. Investors and Piedrahita Joins the Partnership............................................................... 81 C. FGG’s Operations .................................................................................... 83 VII. THE DEFENDANTS’ ROLE IN FACILITATING THE FRAUD .................... 84 A. The Defendants’ Investment Strategy...................................................... 85 B. The Defendants Facilitate the Scheme Through Marketing and Sales ......................................................................................................... 87 C. The Defendants Serve as a Gatekeeper for Madoff to Ensure Investors Would Not Find Out the Truth................................................. 87 D. FGG Conspires with Madoff to Hide from the SEC Madoff’s True Involvement with the Feeder Funds......................................................... 90 E. The Defendants Deceive Their Investors by Telling Them They Were Performing Extensive and Top of the Line Due Diligence, But They Were Doing No Such Thing .................................................... 94 VIII. THE DEFENDANTS WERE CONSTANTLY FACED WITH EVIDENCE OF A FRAUD, BUT CHOSE NOT TO REVEAL THAT EVIDENCE.......................................................................................................... 98 A. The Defendants Learn that BLMIS’s Auditor is a Single Person in a Strip Mall Office ................................................................................... 99 B.
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