Tag Archives: Bernard Madoff

Madoff trustee begins Round II : clawback suits against Noel’s clients

“Invested” with Walter Noel? Brace yourself, Bridgett, Picard is coming after you. Walt’s friends at the Round Hill Club are going to be really pissed.

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Psst! Wanna buy a baseball team?

Met’s owners strike out in Madoff court, and don’t get to count their “profits”.  Look for a sale of the team, soon, because the Wilpons have no money. I’d say this judge got it right:

Dennis Jacobs, one of three judges hearing the case at the 2nd U.S. Circuit Court of Appeals, questioned whether a court-appointed trustee should be expected to make payouts based “on whatever amount Madoff made up while chewing on his pencil and looking at the ceiling.“

This ruling isn’t going to help Walter Noel with his own “we were victims too” argument.

UPDATE: I misread the article. As this WSJ makes clear, today’s hearing did not yield a ruling. But if the judges’ comments are indicative, the Wilpons shouldn’t hold out much hope.

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How about a Bernie jacket to go with those blue jeans?

Madoff stuff is being auctioned off this weekend by the U.S. Marshalls. Custom satin Mets jacket, boogie boards, duck decoys and watches – lots of watches. Do you think Walt would like a decoy just to remember his friend by?

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Looks as though Madoff’s pal will be staying in prison

Judge doesn’t see the value in his testimony.

A judge today questioned the value of any testimony from Bernie Madoff’s right hand man — coldly declaring that anyone who could be hurt by Frank DiPascali is “in prison in Butner, North Carolina or at the bottom of a swimming pool someplace.”

You may recall that DiPascali, who ran Madoff’s scam for decades, showed up in court a few months ago to plead guilty and, pursuant to a deal with the prosecutors, who claim they need his cooperation, expected to go home the same day. The judge didn’t buy it and if his comments today are any indication, still doesn’t. Fine by me.

(h/t, Horsejock)

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The big sleep for Picower – Colombians or barbituates?

I’m guessing the latter. At the least, the man faced civil suits that would ruin him financially. And the DailyBeast (thanks, Horsejock) suggests he may have been the criminal mastermind behind the whole Madoff scam.

Picower benefited the most from Madoff’s scam, according to the bankruptcy lawyers who alleged he’d taken out $7 billion more than he’d originally put in—a felony, for which, investigators say, he would have likely faced criminal charges. “He made 30 times what Madoff did from the scam and about a third of the missing money went to Picower,” one investigator said, suggesting he may have been the mastermind behind the con or Madoff’s equal “partner in crime.” Investigators say Madoff documents prove that Picower frequently offered instructions as to how he could create false trades. Police said they did not know the cause of death and are awaiting the results of a full autopsy and toxicology tests.

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Madoff scammer Picower found dead in pool

Jeffrey Picower was being sued by the Madoff trustee for $6 billion. Did angry Colombians find him before the subpoenas? “I don’t know,” Monica Noel told us when FWIW’s Scusie reached her comment, “but that’s why I had the pool here shut early this season. Walt’s just been sooo sad.”

Walt’s son-in-law and prime Colombian salesman for the Fairfield Greenwich Group, Andres Piedrahita was said to still be on his yacht  in the Adriatic – “not hiding,” a spokesman said, “it’s just that the sea trials for the potential buyer are taking a few moths longer than expected.”

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Hey Andy, did Hoops know about this?

So why do you have to work late tonight, Andy?

So why do you have to work late tonight, Andy?

Madoff offices were known as “The North Pole” for all the cocaine being spilled there, and the atmosphere was usually enhanced with drugs, booze and topless wimmin. I guess if you aren’t distracted by actually working, you have more time for partying.

Another tidbit I wasn’t aware of: Bernie’s new chef and pal in prison is a child molester. I wonder if he snuggles with old men too?

UPDATE: I haven’t read the article, but I wonder if Bloomebrg mentions Bernie’s office as part of its article, “Top Ten Ways to find Joy at Work”?

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