You call this justice?

Walter Noel returns from BVI wearing nothing but an all-over tan. All the poor bastard wanted was to get away from Mustique for a little R&R!

A judge in the British Virgin Islands has approved the liquidation of the Fairfield Sentry funds, which were the largest conduits for cash flowing into the hands of Bernard L. Madoff and his global Ponzi scheme.

The ruling on Tuesday cleared the way for the fund’s investors to pursue legal claims against the Fairfield Greenwich Group and its affiliates, which advised and marketed the funds worldwide.

When Mr. Madoff was arrested in December, the Sentry funds, regarded as one of the so-called feeder funds, had more than $7.2 billion invested in his spurious investment advisory operation. He has since pleaded guilty and is serving a 150-year jail term.

According to the court application in Road Town, Tortola, the capital of the British Virgin Islands, the funds now have less than $70 million, all of it subject to ownership disputes and most of it frozen by a court in the Netherlands. Fairfield Greenwich Group did not immediately respond to requests for comment.

Although Fairfield Greenwich is based in New York, its flagship funds were incorporated in 1990 under the mutual fund statutes of the British Virgin Islands and technically are under the control of local directors there.

This year, lawyers acting for Boies, Schiller & Flexner, a law firm representing investors, sought the liquidation of the funds, arguing that management had been “effectively paralyzed and its business destroyed.” Their actions have left no potential assets except legal claims against others including the fund’s directors and management, the lawyers argued.

Many others are pursuing claims against the Fairfield Greenwich Group, its partners or its offshore affiliates.

Besides lawsuits by individual investors, the group has also been sued by Irving H. Picard, the trustee liquidating Mr. Madoff’s brokerage business for the benefit of his victims. If Mr. Picard’s lawsuit is successful, he would become one of the fund’s unsecured creditors in the liquidation proceeding in the British Virgin Islands.

3 Comments

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3 responses to “You call this justice?

  1. Pamela

    Well it is a start, maybe by the time they get through Walter and the girls wont even have so much as a pair of flip flops between them…

    How on earth are they going to find the money to raise all those children the girls have?

  2. Fake Walt

    Let’s pump the brakes cowboy. Here is a little lesson in math. I collected 500 millions in fees from fund investors. There is only 70 millions left for the vultures to bicker over. I wonder where the rest of the money went.

    And now for a word of advice:

    I’m rich but I sure wasn’t born that way. I have worked harder and paid dues more than most to attain the financial level of success that I currently enjoy. Aside from the toys I can afford or my every comfort fulfilled, my life would be meaningless if I did not have the compassion and genuine commitment of that special someone I love. Monica and our beautiful fillys make life worth living and meaningful not the millions I earn. Her love was there as I struggled to reach my financial goals. Her love gave me strength. If people ever want to attain a financial goal, my first suggestion is that they don’t put much emphasis on money but on principles, integrity and humanity. These are the qualities that you need to attain any goal.

    Off to France to see Lance

    Kind Regards,

    Fake Walt

  3. Acecino Cilenciozo

    I am amazed by F.Walt’s insight, I believe money is overvalued and would like to dedicate my life to promote love, peace and freedom between people of all races and creeds.

    I’d do it through a NGO. Donations needed and most welcome!