Shark attack!

While the father if all class action suits sits in prison repenting his own crimes, his progeny are busy. The first (to my knowledge) class action lawsuit has been filed against Madoff and everyone associated with his fraud, including Greenwich’s own Fairfield Greenwich Group and Walter Noel, alleging various and sundry violations of ERISA. Anyone who’s IRA or pension fund was affected by Madoff and Walt probably will fall into ERISA’s protection and will thereby gain a nice variety of legal theories to perhaps recover on. But win or lose, Walter’s going to be busy the next few years. If you had a golfing date set with him before, say, 2019, he sends his regrets.

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7 responses to “Shark attack!

  1. Inagua

    This is not the first class action suit against Walt. There have been at least three others.

    The securities law claims of insufficient due diligence are very weak and will probably get dismissed. Walt’s real legal vulnerability is that he is in inadvertent possession of stolen money he received from Madoff as fee income. The legal principle is pretty basic — you can’t keep stolen property, even if you received it in good faith. This must have been covered in One-L at UConn. It certainly was explained in a required Business Law course at my business school.

  2. Walt

    Inagua –
    You are correct the weak due diligence claims will be dismissed. Our due diligence was impeccable, and will withstand any challenge. As I said previously, it was so transparent to our investors, it was almost invisible. So enough on this topic.
    Your point on my receiving stolen money. Now thats funny. Did Bernie put a gun to someone’s head and rob them? NO!! They BEGGED him to take their money. They practically threw it at him. How that counts as stolen is beyond me. He lost it in the market, on bad investments, like everyone else on the planet, for Pete’s sake. If people would have stayed calm, instead of panicking, we could have worked this all out. But NOOOO!!! They wanted their money back and screwed this all up. And let’s play golf.
    Regards,
    Walt

  3. Inagua

    Walt,

    You didn’t do any due diligence, but that is okay because the law doesn’t require you to do any. You are even allowed to exaggerate about the little research you did do. And you would be correct about the stolen property claim if Madoff had actually invested the money. But Madoff never invested in anything. It was all Ponzi, all the time. Madoff used incoming money to pay off earlier investors and salesmen like you. Madoff was nothing but a thief. Which is why you are going to be ordered to return all the fees you received from him. It was money Madoff stole from other people. Sorry, Walt, you can’t keep it.

  4. Walt

    Inagua –
    Even if you were correct, and I don’t think you are, I pissed it all away on carrot’s and sugar cubes. Even if you get the 5 houses, which you won’t, it’s penny’s on the dollar. And the SIPC will bail you cry babies out, so quit whining. What were we talking about?
    Walter

  5. Inagua

    Walt,

    What do you think I am incorrect about — the law regarding inadvertent possession of stolen property? Or that Madoff paid you with stolen money?

  6. Blind Brook

    Boys boys. Stop fighting. Walt was just trying to keep up with the wife’s grandiose aspirations. Those Swiss Brazilians are hard to keep happy.

  7. Inagua

    I am not fighting with Walt. I enjoy Walt’s story. I think a pretentious social climber who got rich as a clueless salesman for a Ponzi scheme is a hoot. I particularly enjoy the fact that he shared the loot with four hapless morons who married his daughters.