Walter Noel is founder of Fairfield Greenwich Group, a so-called feeder hedge fund that invested $4.5 billion of its clients' cash with Madoff. In 2007 alone, Noel and his business partner, former SEC attorney Jeffrey Tucker, earned nearly $31 million each from Madoff transactions. Trustee Picard, who is suing the firm for all it invested, claims they chose to ignore the obvious. They could have verified Madoff's holdings with the Treasury Department and the Depository Trust Company (DTC)—but apparently didn't. An SEC attorney later testified that it took only "a few days" and "a phone call" to confirm that Madoff had never traded a dime. Massachusetts has sued Fairfield on behalf of state investors, but the feds have taken no action against the fund or its partners.