Bad news for Walter Noel and his suckers

Judge rules that clients of feeder funds aren’t entitled to repayment from Madoff recovery. Some direct Madoff investors are on target to get at least 75% of their money back but people who entrusted their money to Noel’s Fairfield Greenwich Group will get bupkis. Unfortunately for them, Walt’s Round Hill home is worth, at best, maybe $3 million – that’s not going to do it, so look for continued pressure on the girls to also give up their illicit gains (if there’s anything left – the ladies are doing their best to spend it as fast as they can).

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8 responses to “Bad news for Walter Noel and his suckers

  1. Is Walter Noel and the rest off the hook?

  2. Out Looking In

    that is one very poor decision by the courts/administrator…they were fleeced as badly as everyone else…if the position is that FFG was a fraud, then the Mutt, Jeff and Walt show should be doing time….

  3. Please update us

    I am always confused by these reports. Please explain how Noel is going to get the bad end of this deal?

    • Because he caused his investors to lose hundreds of millions of dollars and, now that they can’t go after Madoff himself, those people who trusted Walt with their money will have to focus on him, and his negligence will cost him every cent he has.

  4. Inagua

    Two caveats on the possibility of Walt losing all. If he dies before conviction, he might not be liable. And if he has hidden the money, it might not be found.

  5. Anonymous

    Shame on the courts. It’s not just affecting rich investors who lost money they chose to invest with Noel and could afford to lose; it’s affecting low paid workers whose pension funds were involved. They didn’t have any say where that money was being invested.

  6. Heather

    We need the help of a lawyer. 1. If Walt dies does his family get to keep the money? 2. If memory serves, Fairfield Greenwich has a number of owners including some of Walt’s sons-in-law. If Walt dies, are the other owners still “on the hook” for their portion of the company? 3. We are now 2.5 years into this situation. Realistically will Walt/FFG ever have to refund any money? How long before “statutes of limitation” kick-in? 4. Walt/FFG has had use of the money for 2.5 years. Will they be required to pay any interest on these billions in a settlement?

    Finally, for you folks living up there, have Walt and the girls being seen out in public or are they still hiding out?

  7. Anonymous

    Heather, check out NYSocialdiary.com and search Marisa Noel Brown (or just “Marisa Brown” as she dropped the “Noel” post Dec ’08.). There’s barely a social event in NY or Southampton that she’s missed in the last 2 years, or the last decade!!! Disgraceful. Her husband Matt Brown has joined another investment advisory firm (forget the name) and his resume fails to mention FFG.