Tremont Group was founded in 1985 by money manager Sandra Manzke, who was its chief executive officer from May 1994 to August 2000, and co-CEO until 2005.
[5][8][13][14][15] Massachusetts Mutual Life Insurance Company's Oppenheimer Funds Inc. unit paid $140 million to purchase Tremont from Manzke in 2001.
[11][15][19] The hedge fund lost $3.3 billion, representing more than half its assets, in the Madoff investment scandal.
When the scheme was uncovered in December 2008, Brad Alford, who runs Alpha Capital Management LLC, which helps clients choose hedge funds, said: It's mind-boggling that people like Tremont ... had been doing this for so long.
[14] The lawsuit alleged that Tremont failed to perform independent, reasonable, and meaningful due diligence of Madoff.