Judge freezes Noel assets

Attorney David Golub, representing the town of Fairfield as it seeks to recover the millions it lost with Madoff feeder fund Maxam of Darien (yes, the fund that was run by a women to “empower women and minorities” turned out to have sunk every penny entrusted to it with Bernie – it closed the day Bernie was arrested), has persuaded a judge to grant a temporary restraining order freezing all the Madoff players’ assets until a full hearing on April 13th.

The restraining order granted by the judge is a “who’s who” of players in the Madoff scandal: Madoff, his wife Ruth, brother Peter, and son-in-law Andres Piedrahita; sons Andrew and Mark Madoff and Walter M. Noel Jr., a partner in the Fairfield Greenwich Group, all of whom live in Greenwich; Sandra L. Manzke, the founder of Maxam Capital; Robert I. Schulman, the former chairman of Tremont Group Holdings; and Jeffrey H. Tucker, the co-founder of the Fairfield Greenwich Group.


 

The restraining order prevents not only the sale of any real estate owned by any of the defendants, but also extends to all accounts at any financial institution and all personal property. That includes, but is not limited to, stock certificates or certificated securities and “any other assets in any of the defendants’ possession, custody or control,” according to court documents. 

The motion, filed by David Golub, a lawyer hired by the town for the Madoff case, states there is probable cause the town’s pension programs could receive a $75 million judgment and seeks to secure that sum by attaching Andrew Madoff’s home at 57 Tomac Ave., Mark Madoff’s home at 21 Cherry Valley Road, and Noel’s at 175 Round Hill Road home, all in Greenwich, as well as garnish all of the defendants’ accounts at financial institutions.”There is a reasonable likelihood that the defendants Andrew H. Madoff, Mark D. Madoff and Walter M. Noel Jr. are about to remove themselves or their property from this state, or are about to fraudulently dispose of or have fraudulently disposed of their property, with intent to hinder, delay or defraud their creditors,” the motion states.

I think highly of David Golub and I wish him luck in chasing down everyone who profited from Bernie Madoff’s fraud but in this instance, I don’t see how he reaches the Noel’s property. The town didn’t have any direct dealings with FGG, at least none are reported in the article, so it’s stuck with the rather weak argument that FGG and its partners were an integral part of the fraud and made it all possible. Maybe so, but freezing assets on so tenuous a claim seems a bit dubious. Still Connecticut’s judges, perhaps harkening back to the days when they passed out these ex parte orders like candy bars, still grant them with far more alacrity than judges in other states, and God bless them: it makes suing people so much more fun. And notice,by the way, that the judge granted the full $75 million invested. Fairfield invested $22 million, watched it “grow” to a phony $41 million and still got a $75 million attachment, no doubt to cover Goleb’s fees. I do like judges who protect litigators!
Bernie Madoff is unlikely to contest this order on April 13th – why should he care? – but Walt’s lawyers, Andres’ and Mark and Andy Madoff’s should all be in Bridgeport Superior Court that day. I may go up myself just to watch the fun.

9 Comments

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9 responses to “Judge freezes Noel assets

  1. pulled up in OG

    Hey Walt – you can stop brown-nosin’ Chris for the time being.

  2. Walt

    Chris;
    For once you are correctamundo, my commission deprived friend. I did no business with the Town of Fairfield. They invested through good old Sandra Manske. Check her out why don’t ya.
    And ask yourself this my friend – who on the town payroll manages the town pension fund? And what rocket scientist decides to put a town pension fund into an “alternative investment fund” that gives it ALL to Bernie. Riddle me that Batman. THAT is the guy they should be pissed at.
    Anyway, not to worry. My credit is rock solid at Basils!!!
    Off to brunch!!!
    Your Pal,
    Walt

  3. Original / Copy

    The “Original” / The “Copy”

    “Jimmy Stewart” / “Walter Noel”
    “Meredith Viera” / “Monica Noel”
    “Red Skelton” / “Conan O’Brien”
    “Johnny Carson” / “Jay Leno”
    “Dracula” / “Madoff”

    The “copy” is never as good as the “original”.

  4. fred

    “Chris Fountain” / “Frankenstein”

  5. Walt

    Hey, can I play?
    “Sea Biscut” / “The 5 Filly’s”
    “Adolph Hitler” / “Hiram”
    Your Pal,
    Walt

  6. pulled up in OG

    Hiram / “The Write Stuff”

  7. robert

    Why does no one realize that the Noel’s will not go to jail for Fairfield Greenwich’s investment in Madoff — but for some thing else. A deeper secret keeps Walter and Monica awake at night. They know that they have been hiding millions of cash and have been moving it overseas for years and years — in many cases getting the assistance of their daughters.

    It is easy to hide money when no one is looking. In this case the forensic accountants, government investigators and lawyers will start to unravel the trail of rampant tax evasion. Everyone knows they have been doing this — and they even were stupid enough to brag about in to friends at Round Hill (their country club) and in Mustique as they thought they were above all other mortals.

    This is the thread which needs to be followed and when follows the money they will find the real crimes — all the entire family will go down and end of in jail. All of them.

  8. PoeticJustic

    Breaking News from the WSJ 9:55am 4/1:

    Massachusetts regulators charge Madoff feeder Fairfield Greenwich with fraud.

    It that the sound of a shoe dropping I hear?

  9. Robert

    The party is over for the Noel’s.
    They came from Vanity Fair direclty to Criminal stars.