Did RiskData software "red flag" Madoff?

Tom Cahill of Bloomberg News reports that Banco Santander's hedge fund unit used risk software that may have raised red flags about Bernard Madoff investments. RiskData's FOFiX is a tool for hedge fund investors that compares the performance of products with the same strategy to find aberrations in the pattern of results. It also analyzes returns to help explain how a fund made or lost money. Santander is paying private banking clients $1.8 billion to compensate for Madoff-releated losses, so this is sure to add fuel to the ongoing debate of whether it was risk models that failed to find problems or if it was "operator error"...