Founder of the Fairfield Greenwich Group, Walter M. Noel Jr.'s "Fairfield Sentry" fund served as a major feeder fund into Madoff's operation. In April of 2009, Fairfield Greenwich was charge by the Commonwealth of Massachusetts with violating its fecundity duty to its clients. The group had failed to enact the necessary steps it needed to protect its investors, thus costing them million in the fallout. Allegations were also brought forth accusing Fairfield Greenwich of willingly accepting training from Madoff in 2005 in regards to subverted potential investigations by the SEC. An $8 million settlement was reached between the hedge fund and the Commonwealth in September of 2009. In May of 2009, Irving Picard also confronted the hedge fund with a lawsuit seeking $3.2 billion in fraudulent assets. Though the money was likely already in the hands of Fairfield's investors, in May of 2011 a $1 billion settlement was made with Picard.
