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April 2, 2017

QUOTE: On Tuesday, October 28, 2008 a worried businessman in Dubai arrives for a meeting with his private banker. Meetings like this are occurring all around the globe, as everyone seeks safety from the turbulence sweeping the financial markets. No place is immune, not even this booming city on the Persian Golf.
Since 2004 the wealthy businessman and four partners have been invested in the Fairfield Sentry fund. He recalls his banker recommending the fund as a “cash substitute,” a hedge fund with a long track record of small but safe and steady returns. Indeed, he remembers being impressed when the banker said the fund had achieved “mythical status” for its consistency. He was impressed and flattered that, although the Sentry fund was supposedly closed to new investors, the bank could get him in. The investment that he and his partners made in the account has supposedly grown to more than $ 5.3 million.
However, now the businessman wants out. He directs his banker to redeem all the Sentry shares he and his partners hold. He takes the formal paperwork required for a redemption request with him and returns it to the bank the next day, expecting the money to be returned to him and his partners by the end of November. END OF QUOTE

SOURCE: Page 204 from “The Wizard of Lies Bernie Madoff And The Death Of Trust” By Diana B. Henriques, Times Books Henry Holt And Company New York, 2011


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