It’s Frank DiPascali Day in federal court

The Noels flee Round Hill

The Noels flee Round Hill

Bernie Madoff’s CFO, Frank DiPascali, is in court this morning pleading out. The feds have had eight months to squeeze this guy dry and, while Bernie may have chosen to clam up and take the rap, there’s no chance DiPascali’s done that – he’s talked, guaranteed. How do I know this? Because if he hadn’t, the prosecuters wouldn’t be accepting his plea.

It’s not just the Noels who must be spending a nervous day today, but Andy, Mark, and everyone who gave Bernie other people’s money in exchange for a fee.

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5 responses to “It’s Frank DiPascali Day in federal court

  1. Fake Walt

    Me worried? I am lounging on a bed Hermes scarves in the Temple of Dendur while twelve champagne-glass-sized tits rub against my body and Monica dressed as Cleopatra is chatting with a peacock by the door.

    Frank DiPascali and I have a side deal in which he agreed to clear my name of all wrongdoings. I will be off the hook for $3.2 billion in money I withdrew from Madoff before the fraud unraveled. I will keep jet setting around the world and shamelessly promote myself and my magazine cover family. With an empire spanning 4 continents, I have a lot of ground to cover.

    Off to Zurich!

    Kind Regards,

    Fake Walt

  2. Anonymous

    Many of us on the outside are curious about the opinions of two sets of observers in Greenwich. 1. The General Public in Greenwich – What do the rank and file of the city think? Do they think Walter and the gang were in on it; not in on it but came to discover the fraud and ignor(ed) it, or were simply the victims they claim to be? If they think the Noels are victims, do they think of them as stupid (in that the “due diligence from FGG should have caught the fraud); or do they think of them as naïve and not “street-smart” enough to deal with a Bernie Madoff? How big a part does (Noel) greed actually play in this in the opinions of the Greenwich community?

    2. The Greenwich Legal Community – What is the “buzz” there in the local legal community? Can a realistic case be made against the Noels and/or FGG? Is there enough potential substance in the Frank DiP case to realistically scare the Noels? It has been nine months now. Do things in the legal world up there usually move this slowly? When will this game be put into more motion?
    Finally, other than the “sailing son-in-law,” has anybody seen any of the Noel clan? What are their friends saying about them? Most of them seem to be lying low. What is their plan? Are they eating out? Playing golf? Sailing? How about, are any of them working…or looking for work.

    Just curious and thanks…….

    • christopherfountain

      Anon, when I started blogging on the Noels back in December I received a lot of angry emails from their friends, protesting their innocense, saying what nice people they were, etc. Then, when it became apparent that Walter had pocketed $400 million + for basically closing his eyes to Madoff’s fraud for 15 years, those emails stopped. So I don’t detect much sympathy for the family. Deliberate fraud or just deliberate blindness? I don’t know but, absent further details, I suspect Walt skates from any criminal charges and instead will merely be bankrupted by the civil suits piling onto his head.
      Nine months (8 actually) to nail DePascali isn’t that long on a matter like this. Remember that Bernie wouldn’t cooperate. The feds arrested Di Pascalli around the same time they nabbed Bernie and I’m sure they’ve been talking with Frank and his lawyers ever since. It can take awhile to check out inforamtion a witness gives, especially when you want to corroborate it to use in prosecutions of other players. I’m guessing here, but I think they’re accepting the plea today because they’ve extracted everything they can from the man (except for his testimony at upcoming trials), have secured evidence to back it up and soon – like, today? Next week? – will be charging the other players. Peter Madoff, for sure. Ruth? I don’t know, they gave her back her passport, indicating that they don’t believe she was involved, but Irving Picard, the Bankruptcy Trustee sure does, so we’ll see. The boys, Mark and Andy? Split opinion here in Greenwich whether they were too stupid to be let in on the fun or were willing participants. Again, we’ll see.
      The fun part wil be seeing whether Walter and his partners go down. Local bets favor son-in-law Andres Piedrathitas (sp) as most likely to succeed in being charged. Should be an interesting next few weeks.

  3. Anonymous

    Many thanks for your interesting thoughts Chris. Thanks also for running this blog…it is entertaining and very informative. Fascinating to see what Karma is doing to the Noel family. If we could see ten years in the future, what would we find this group doing?

  4. 10 yr plan

    the noels will be 88 (mr) and about 79 (mrs). the kids will be in the late 40’s to late 50″s. the grandkids will be age 10 to age 30. all living comfortably out of greenwich, prob in switzerland but more likely in brazil near monica’s family.
    the flankmeisters mulligan and faison will be on their third careers, prob working at lowe’s.