In their report, Noble's consultants noted that:
>> Over nine months in 2008, more than 4,000 investment trades were made, "an extremely high volume for a portfolio of this size."
>> "Despite large losses in the portfolio," Williams approved a 50 percent fee increase for Karandos.
>> In addition to receiving overall fees for his work, Karandos also charged full commissions in a sample of trades analyzed by Noble.
>> Williams and Karandos controlled all investments. Williams, who resigned Thursday, could not be reached for comment Friday. Karandos, who works in Morgan Stanley's Carmel office, declined comment.