Wednesday, December 31, 2008

Madoff Goes to the Races

And I thought you couldn't con a racetrack guy. This story appeared in today's Albany Times Union:

SARATOGA — A hedge fund investor who poured millions into Saratoga's equine economy has abruptly stopped all new construction on his huge horse farm and wants to sell his thoroughbreds after losing some $7.5 billion in the Bernard Madoff scandal.

Jeffrey Tucker, the founding partner of Fairfield Greenwich Group, bought Stonebridge Farm in Schuylerville in 2004, and has since built New York's first track with a synthetic racing surface and indoor arena on the 188-acre farm. Tucker, 62, owns and cares for about 50 thoroughbreds on the site, considered one of horse racing's premier training facilities, and recently purchased a 230-acre satellite farm in Gansevoort.

Click here to read the whole sad tale.