Fairfield stands to lose $42M in alleged Madoff fraud

DARIEN - Financial officers from Fairfield are trying to ascertain if they can recoup any money lost in Bernard Madoff's alleged $50 billion Ponzi scheme.

Madoff, a former chairman of Nasdaq, has been accused in a fraud scheme with such high-profile victims as the owners of the New York Mets, charities run by Steven Spielberg and Elie Wiesel, as well as the city of Fairfield.

Fairfield pension funds were invested with Madoff through the Darien money management firm Maxxum Capital. The city's losses could total at $42 million, roughly 15 percent of its value.

Chief fiscal officer Paul Hiller isn't optimistic about the situation and says the scam stunned him.

The joint retirement board held a meeting Monday night to discuss the potential losses.

advertisement | advertise on News 12

Trending Video

Max Antoine, 33, was shot and killed early 1 Family urges Stamford man's killer to surrender to police
2 Scholar Athlete: Henry Strmecki
The state's attorney's office called Jheison Callecastro, 21, 3 Suspect in police chase appears in court
One person has been pronounced dead after an 4 Police: 1 person killed in Bridgeport shooting
5 East End: Custer Institute

advertisement | advertise on News 12


Focus on Connecticut Focus on Connecticut

Features local, state and federal officials discussing the issues around southwestern Connecticut.

Celebrates African-American culture in southwestern Connecticut. Our Lives

Celebrates African-American culture in southwestern Connecticut.

Each week News 12 Connecticut introduces you to Hometown Hero

News 12 highlights people who give to the community.

We spotlight a local team each week. Connecticut Team of the Week

Each week News 12 Connecticut highlights a team from a local school.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.