Poor ol’ Walt may (or may not) be under the weather with terminal cancer, but it’s not slowing down Marissa Noel from enjoying spending stolen loot

Horse Jock sends along this inspiring picture of the rich bitch having a grand time with other folks’ money.

26 Comments

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26 responses to “Poor ol’ Walt may (or may not) be under the weather with terminal cancer, but it’s not slowing down Marissa Noel from enjoying spending stolen loot

  1. Red

    I am so glad we don’t raise taxes on these bimbos. What a country!!

  2. Anonymous

    That is truly disgusting. Why isn’t Picard suing this miscreant family just as he is the Wilpons?

    Pay back the victims of the fraud by taking back the ill-gotten gains from those who benefited from it. Why should Walter Noel’s family get off scot-free when Bernie Madoff’s has suffered so much? Give Marissa a taste of real justice, and maybe she’ll start looking longingly at her dog’s leash.

    This photograph makes my blood boil. Off with her head!!

  3. Inagua

    Anonymous – Picard has sued Walt. So have lots of his victims. With the exception of one small case, Walt has stonewalled in the hope of dying with the bulk of the stolen money hidden and unrecoverable. Daughter Marissa will probably be a public nuisance for the rest of her life.

  4. Peg

    And here I thought that taxes were supposed to be for all those wonderful government programs – and not punitive! At least Red exposes them for what they are – something to punish people.

    Sorry, Red – not what it should be. If bimbos earn something – or their family does – then they should be able to keep a chunk of it without penalty. Unless, of course, they did it illegally… and then they should lose the $$$$ not to taxes but as a penalty for their crime – along with some jail time!

  5. Anonymous

    Crucify her!

  6. Inagua

    Peg – Most members of the Noel family were active participants in the Fairfield Greenwich Group fraud. FFG lied to its investors about doing due diligence while sending most of the money to the Madoff Ponzi Scheme. FFG principals paid themselves obscene amounts of money for committimg this fraud. Walt, his daughter Corina, and four of his son-in-laws have over $650 million of stolen money that they refuse to return. They are despicable people.

  7. The Duke of Deception

    Pretty damn awful, but in all honesty the Duke would hit it (if he wasn’t happily married for almost 30 years).

    Noel will take his his seat in the hot place. Hard to figure why Picard hasn’t eaten this douchbag’s lunch.

  8. IDAHO

    Come the revolution, maybe the wealthy will get it!

  9. Ready For A Catfight?

    Funny, she used to flaunt her maiden name. I guess she figures if she drops it, the world will forget where all those million-dollar duds’n’bangles come from.

  10. Greenwich Gal

    Does anyone known the current state of the case against the Noel’s?

  11. Collection Of Creepy People

    Who the hell would want to hang out with this bunch of creeps? Ms. Remington Platt needs to shorten her name to creepy. Why spend $250-$500 to drink watered down mohita and watch wide hip Marisa spend more Madoff dollars? Jerks Ball.

  12. Inagua

    GG,

    Walt settled one small case in Massachusetts, but he is using a strategy of Delay in the other cases. Delay helps him in two ways. First it gives him more time to hide assests, and secondly, it acts as a loan — he gets the use of the stolen money longer. Many other Madoff associates have settled, but not Walt. Despite many public statements that he is “trying to settle,” the old frauster is trying to hang on to and hide as much stolen loot for as long as he can. Walt and his four son-in-laws are human garbage. The socialite wives flaunting their ill-gotten wealth are disgusting. This family has $650 million of other people’s money that they stole by lying about what they were doing.

  13. So Walt, what sayeth you about this filly of yours? The Duke, Peg, and Inagua have hit you below the familial belt yet I don’t hear you defending Marissa’s Party On Dude lifestyle. Cat got your tongue? [Now there's a straight line for you if ever there was one!]

  14. Greenwich Gal

    Inagua,
    I have read some stories about how Noel’s partner had very tight relationships with several Swiss Banks and most people assume the money is stashed there. Where else could one stash money – Cayman’s, Turks and Caicos, I believe? Is this money in any way recoverable? Why aren’t the Feds putting a total squeeze on this guy and his family? It is amazing to me that they continue to live in splendor given the situation…

  15. Inagua

    GG – Walt’s business was based in the British Virgin Islands. The approximately $1 billion in fees that Madoff paid Walt’s business presumably went there. Obviously Walt repatriated and paid taxes on some amount to feed his living habit, but most of the loot probably never made it back to the US. Where it is now is anybody’s guess. I can only assume that anyone as dishonest as Walt was with his investors would be dishonest enough to hide this money. The feds have so far not charged Walt with anything. Technically and legally, Walt and his family are a bunch of rich folks who are being sued by some former business associates. The law is slow, sometimes inefficient, and frequently unable to fully puinsh fraudsters like Walt. I suspect that he and each one of the fillies will have access to at least $20 million each no matter what happens in court.

  16. sw

    Marisa Noel Brown (now just Marisa Brown) has been photographed at least twice in the last 6 months in the Sunday NY Times party photos, she’s continuing her lavish lifestyle attending expensive philanthropic events in couture gowns. Her husband Matt Brown (FFG partner) is there just doesn’t get in the pics. They are dirty and cheap and need to go away to their house in Mustique and stay there.. oops.. do they even have that house anymore? The party pic you show is very unflattering.. she’s looking more horsey these days..

  17. Greenwich Gal

    I guess I’m still a bit confused.
    FFG sent money to Madoff. Then Madoff sent out “profits” to Walter Noel.
    Walter Noel would have had to pay taxes on his income – either in the US or in the British Virgins – which I am sure is no tax haven.
    What was the point of having the group based there?
    Is Irving Picard on top of him?

    Also – Isn’t it interesting to note that once upon a time, people would have ben ashamed to be seen with the Noels…they would have been shunned. These days, I still see them being received at parties and events – as if nothing happened! It says a great deal about the nation we are now.

  18. Inagua

    GG – You are a bit confused. Here’s how it worked. Walt solicited money from investors. Walt sent most of it to Madoff. As Madoff recorded phony profits for the investors Walt took a “management fee” for placing the money with Madoff. The fee was paid to an FGG corporate entity in the BVI because BVI is a tax haven which has no tax on corporate profits. Walt has to pay US personal income taxes on anything he brings back to the US, but I am sure he only brought back modest amounts to cover routine living expenses. Larger purchases like Mustique were probably made with untaxed with BVI money. I am also pretty sure that he has given a lot of his BVI money to those daughters and grandchildren who are not US citizens and not subject to US tax laws. Walt would have to be a little bit more creative to get money to Marisa, but it is easily done. For example Walt could have a BVI entity pay Marisa’s husband Matt Brown a $10 million consulting fee. It would be taxable income to Brown, but might not be reachable by an adverse Picard judgement. There are many other ways to do this, and since Walt has already had over two years to plan for an adverse judgement, I would be amazed if he has not proteted through disposition all but a few million.

    You make a good point about the continued social acceptance of this family of frauds. That the Round Hill Club still welcomes the old fraudster is disgraceful.

    One final interesting arithmetic point. Walt took in billions from investors, and in the aggregate those investors still in at the end lost about $1 billion. Coincidentially, FGG paid itself $960 million in “management fees” from phony Madoff profits. So in a very real sense Walt has the $1 billion his investors lost. A person with any sense of honor or self-respect would say to the investors, “I am sorry, here is your money back.” But Walt is such an avariously greedy fraudster that he seems ready to fight to his dying breath to keep the stolen money so the Noel women can party on.

  19. sw

    Noel’s firm Fairfield Greenwich and other similar “advisors” charged huge fees–often 1% of assets and 10% of gains–and in this case were staffed by a number of family members, namely the son in laws of Noel, who themselves were making millions to do nothing.. (how else could Marisa and her dumb husband afford a $13mm townhouse on the upper east side?). I hope they were paying taxes like the rest of us.. but who knows. The firm had $7.5 billion, more than 50% of its assets, invested with Madoff. I don’t understand why Picard isn’t going after them either… unless they are the next shoe to drop. They’ve certainly had a long time to hide all that dough.. which is a concern.

  20. Greenwich Gal

    Thanks Inagua, for the explanation. Finance is not my forte. I am quite astute at social anthropology, so to speak, and that the Noels are still received by many stuns me. I have heard many say “Well, they did not know what Madoff was doing. They are victims, too!”
    To that I say horse hooey.
    Even if they are innocent of any crime, doubtful, they were criminally stupid at the very least. Any honorable person would attempt to return ill gotten gains and maybe keep a small amount to live on.

  21. horse jock

    The Beach Club (The Bathing Corporation) in Southampton, Shinnecock (Golf, Southampton) and the B and T (Bath and Tennis, Palm Beach) all did what the “new” Round Hill (Club) hasn’t done: asked the Noels not to attend in spite of strong, baffling pushes by friends and in some cases family (the Toub in laws). Even after being turned down by the Beach Club the Noels continued to dine there using their son in law’s membership until the club shut them down. It all speaks to the changing face of Greenwich and it’s sad.

  22. Inagua

    GG – Walt did commit the crime of lying to investors, although under law this offense is classified as a civil tort and is adjudicated by private legal action. While this saves Walt from the possibility of prison, it virtually assures conviction because the standard for guilt in a private civil tort case is only “preponderance of the evidence,” not “guilt beyond a reasonable doubt.” The judgement against Walt and FGG will be for over $1 billion, and he/his estate and family will be in collection litigation for decades.

    While it is true that Walt is a financial illiterate and he had no idea that Madoff was a Ponzi Scheme, it is also true that Walt charged the highest access fees to Madoff of all the so-called Feeder Funds. Walt is basically a greedy social climbing salesman without any sense of shame or honor. He is no more a victim than he is trying to settle the case. He is a liar and a thief and virtually every penny he or his spawn spends was stolen from some real victim.

  23. Rross

    Did Picard get his $20 million house in the carribean that he built with his mad off illicit funds this guy and his partner in my alleged personal opinion should be in jail with bernie

  24. J Cana

    Well, well…looks like Mr. Picard is now indeed going after Fairfield Greenwich and it’s partners. Noel sisters better get some plastic surgery and boob jobs as they will soon have to hit the streets and turn tricks for a living!
    Shame on all of the Noels!

  25. Heather

    I’m sorry….but after viewing the picture….have you ever seen a person who personified the term “horse-face” more than Marisa? All of Walt’s ill-gotten gains would not be enough to pay for enough plastic surgery to make her look better. She appears hopeless. Okay…you knew it was coming…”hey Marisa…why the horse-face?” And…they’re off !!!!!!!!!!!!!