Washington State Supreme Court Opens Door For Madoff Lawsuit

Between the years 1997 and 2008, FutureSelect Portfolio Management, a Redmond-based financial services company, invested almost $200 million in Tremont’s Rye Funds. The company and its principals eventually lost it all. And that wouldn’t be notable in the least except for two reasons:

1) Tremont Rye Funds was during that period a solicitor for investment in what was later revealed to be a massive ponzi scheme run by one Bernie Madoff.

2) The Washington State Supreme Court this week denied Tremont and its parents’ appeal to dismiss allegations of the company's failure to properly audit Madoff’s operations. (Read a full text of the court’s opinion here).

Even with the decision, FutureSelect won’t getting a check anytime soon. But the case does bring them a step closer to pursuing remuneration.

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In another opinion filed this week, the court dismissed charges against Douglas Bauer, a Bremerton man accused of assault in 2012 after his girlfriend’s son wounded a classmate using Bauer’s own gun.

According to court documents, a Bremerton youth—identified as “TC” in court documents—accidentally shot a fellow Armin Jahr Elementary Student while rummaging through a backpack containing a loaded gun that he’d taken from Bauer’s bedroom dresser. The child pled guilty in juvenile court to reckless endangerment and received probation, while Bauer was ultimately charged with third degree assault.

Citing his lack of complicity in the shooting, the court ultimately ruled that despite leaving loaded guns accessible to minors, Bauer did not cause bodily harm to the wounded kid and was not responsible for the shooting incident.

 
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