Tag Archives: Monica Noel

So exactly how crooked is Walter Noel, and why is his spawn welcome in even the worst fringes of New York society?

Oh so sweet: the Noels enjoy the rewards of an ongoing criminal enterprise

(400 1st Neck Lane) Southampton bliss: the Noels enjoy the rewards of an ongoing criminal enterprise

For that matter, why is Walter himself still a member of the Round Hill Club? We’ll probably never know the exact extent of the Noel family’s take from Bernie Madoff’s Ponzi scheme; Noel took in billions, and returned only a portion of that to his clients, but the Trustee suit against Noel and the Noel family gives at least a glimpse of the looting. Certainly hundreds of millions, probably more, and all distributed and hidden across the globe. We’ve pointed out here before, repeatedly, that when one of the Noel daughters appears at a charity function or on African safari or dining out, she’s doing so on stolen money. The trustee’s suit details a portion of how that money was stolen, and where it went. The hiding places included offshore affiliates, family trusts, children’s trusts, even IRA’s. Picture a pack of sharks ripping flesh off the carcass of a great blue whale and you have the Noel family, in action.

(Note, by the way, the late summer/early fall 2008 withdrawals of cash by the daughters – Madoff was arrested December 11, 2008, and the walls had been crumbling long before that).

Through his ongoing investigation, the Trustee discovered that the [Noel controlled] Feeder Funds were no longer directly in possession of the majority of the billions of dollars in transfers they received from BLMIS. Rather, the Feeder Funds had subsequently transferred the bulk of the money to FGG investors and a number of FGG-related entities and individuals (the “FGG Affiliates”). The FGG Affiliates include:

Other FGG Funds: Fairfield Sigma Limited (“Sigma”), Fairfield Lambda Limited (“Lambda”), Chester Global Strategy Fund Limited (“Chester”), Chester Global Strategy Fund, L.P. (“Chester L.P.”), Irongate Global Strategy Fund Limited (“Irongate”), Fairfield Greenwich Fund (Luxembourg) (“FGF”), Fairfield Investment Fund Limited (“FIFL”), Fairfield Investors (Euro) Limited (“FIL-Euro”), Fairfield Investors (Swiss Franc) Limited (“FIL-Swiss”), Fairfield Investors (Yen) Limited (“FIL-Yen”), Fairfield Investment Trust (”FIT”), FIF Advanced, Ltd. (“FIFA”), Sentry Select Limited (“SSL”), and Stable Fund LP (“Stable”).

  •  Administrative Entities: Fairfield Greenwich (Bermuda) Ltd. (“FGB”), Fairfield Greenwich Limited (“FGL”), Fairfield Greenwich Advisors LLC (“FGA”), Fairfield Greenwich GP, LLC (“FGGP”), Fairfield Greenwich Partners, LLC (“FGP”), Fairfield Heathcliff Capital LLC (“FHC”), Fairfield International Managers, Inc. (“FIM”), Fairfield Greenwich (UK) Limited (“Fairfield-UK”), Greenwich Bermuda Limited (“GBL”), and Chester Management (Cayman) Limited (“Chester Management”).
  •  Management Individuals: Walter Noel, Jeffrey Tucker, Andres Piedrahita, Mark McKeefry, Daniel Lipton, Amit Vijayvergiya, Gordon McKenzie, Richard Landsberger, Philip Toub, Charles Murphy, Robert Blum, Andrew Smith, Harold Greisman, Gregory Bowes, Corina Noel Piedrahita, Lourdes Barreneche, Cornelis Boele, Santiago Reyes, and Jacqueline Harary.

36. The other FGG funds and administrative entities collectively received over a billion dollars of management and performance fees for supposedly monitoring the Feeder Funds’ investments with BLMIS. Similarly, the through the other FGG funds and administrative entities, FGG management individuals received hundreds of millions of dollars.

Which of the Noels gorged themselves on Maddoff’s (and Walter’s) victims? All of them.

VIII. THE DEFENDANTS

60. Walter Noel was one of the original founding partners of FGG. Four of his sons- in-law and one daughter were partners or associated with FGG. As a founding partner, Noel was entitled to compensation and partnership distributions from FGG’s operations through FGL and FGB. As outlined below, Noel directed the compensation and distributions due him from FGG’s operations to a number of entities. In addition, a number of entities associated with Noel invested in FGG funds and as a result received subsequent transfers of Customer Property.

61. Upon information and belief, Noel, through the various Noel-related entities, directed a portion of the subsequent transfers of Customer Property to his daughters. Walter Noel has five daughters that were beneficiaries of certain Noel trusts and other related entities: Alix Toub, who is married to FGG partner Philip Toub; Corina Noel Piedrahita, an employee of FGG and married to FGG founding partner Andres Piedrahita; Marisa Brown, who is married to FGG partner Matthew Brown; Lisina della Schiava, who is married to FGG partner Yanko della Schiava; and Ariane Sodi.

70. Defendant Marisa Brown has, through her connections to various FGG entities, received transfers of funds that were initially transferred to BLMIS by the Feeder Funds. For example, as a beneficiary of Defendant Noel 2004 Family Trust—which received subsequent transfers from GS, Fairfield International Managers, and Chester Global Strategy Fund LP— Defendant Marisa Brown received subsequent transfers. For example, she withdrew $3,650,000 from Defendant Noel 2004 Family Trust in January 2008. This withdrawal constitutes a subsequent transfer of Customer Property.

75. Lisina della Schiava: Defendant Lisina della Schiava is a resident of Italy. She maintains a residence at Via Bramante 8, Milan Italy 20154.

76. Defendant Lisina della Schiava has numerous connections to FGG individuals and entities, including the other Noel entities named as defendants in this Complaint. She is the daughter of FGG founding partner Walter Noel and is married to FGG partner Yanko della Schiava. Defendant Lisina della Schiava is also one of the beneficiaries of Defendant Noel 2004 Family Trust.

77. Defendant Lisina della Schiava has, through her connections to various FGG entities, received transfers of funds that were initially transferred to BLMIS by the Feeder Funds. For example, as a beneficiary of Defendant Noel 2004 Family Trust—which received subsequent transfers from GS, Fairfield International Managers, and Chester Global Strategy Fund LP— Defendant Lisina della Schiava received subsequent transfers. For example, she withdrew $500,000 from Defendant Noel 2004 Family Trust in March 2008, and an additional $500,000 in July 2008. These withdrawals constitute subsequent transfers of Customer Property.

83. Defendant Ariane Sodi has, through her connections to various FGG entities, received transfers of funds that were initially transferred to BLMIS by the Feeder Funds. For example, as a beneficiary of Defendant Noel 2004 Family Trust—which received subsequent transfers from GS, Fairfield International Managers, and Chester Global Strategy Fund LP— Defendant Ariane Sodi received subsequent transfers. She made the following withdrawals from GS: $400,000 in May 2006; $300,000 in August 2006; $300,000 in October 2006; $300,000 in August 2007; $300,000 in August 2008; $400,000 in October 2008. In addition, she withdrew $300,000 from Defendant Noel 2004 Family Trust in July 2008. These withdrawals constitute subsequent transfers of Customer Property.

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No wonder Monica Noel is away

Reader IL sends along this arbitration award: $1.8 million against a Madoff feeder fund. Not Walter’s and his Fairfield Greenwich Group, but same cause of action, same facts. The old homestead on Round Hill Road draws closer to the auction block.

May 17 (Bloomberg) — An investor in J. Ezra Merkin’s Ascot Partners LP, a feeder fund for Ponzi schemer Bernard Madoff, was awarded $1.75 million by arbitrators who found Merkin intentionally breached his fiduciary duty by not disclosing Madoff’s role in the fund, according to a court filing.

Merkin also was negligent in performing due diligence on Madoff, a majority of an arbitration panel found, according to a petition filed today in New York state court. Investor Noel Wiederhorn, who put $1.46 million into Ascot Partners in 2003 and 2004, is seeking a judgment confirming the award, which was for the amount he invested plus interest.

Wiederhorn, a Wycoff, New Jersey, pediatrician, also asked that the sealed record of the arbitration case be made public.

“These findings could have significance in later litigation and arbitrations against Mr. Merkin as well as against numerous other Madoff feeder-fund managers,” Weiderhorn’s attorney, David Bamberger, wrote in asking for the record to be unsealed.

The evidence showed “major contradictions and ambiguities” in transaction confirmations, which should have caused Merkin to question the Madoff trades, according to his filing. The evidence in the hearing also established the “extreme improbability” of the transactions Madoff reported in the over-the-counter options market, the papers said.

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I’m not saying Walt Noel is making prank calls to Monica

In Monica's closet

In Monica's closet

But this story sounds suspicious. Walt, you need a loan? Call me; what are friends for?

Greenwich woman twice avoids being a victim of telephone scams

By Frank MacEachern
Staff Writer

 It was such a convincing telephone call that a Greenwich woman thought she was talking to a grandson locked up in a Canadian jail cell on a drunk-driving charge.

But it was a scam, and the woman’s natural caution prevented her from losing almost $3,000 as she called his parents immediately and discovered her grandson was still at home.

“His voice was muffled and it was hard to hear him,” [emphasis added] the woman said about the Monday telephone call. “He said he went to a Greek wedding in Canada and he was stopped by police after he left it.” The woman, citing fears for her safety, declined to be identified.

The man said he needed $2,800 to get out of jail and asked the woman to wire the money to him. The woman refused and told him to call his parents. She then called police.

It wasn’t the first time she was the target of scammers, the woman said.

Two months ago someone purporting to be from her bank’s credit card division asked if she had made a $5,000 purchase that day. When she said she hadn’t, the caller told her to speak with someone in security and transferred her to someone else.

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A message for Monica

The Times reports that Ruth Madoff is a pariah in New York society now.

Ever since prosecutors accused Mr. Madoff, 71, in December of orchestrating a scheme that fleeced thousands of investors and foundations — including beloved charities, universities and the Holocaust survivor Elie Wiesel— Mrs. Madoff has been taking it on the chin. The reaction has been so negative compared with other wives in the same position partly, it seems, because her husband’s crimes grievously harmed individuals rather than a bank or faceless institution.

Her unusual closeness to her husband, too, in a world where wives are often on the sidelines is among the things working against her. Mrs. Madoff had been a director at her husband’s firm and had stood inseparably beside him through 49 years of marriage.

Then there is the lack of public contrition by Mrs. Madoff, and her move days before the scandal to shift $15.5 million out of an investment account and to transfer watches, cuff links and other jewelry to her children. One day after she left the Manhattan jail where her husband has been held, an ABC camera crew asked her what her message was to the victims. She said, “I have no response to you.”

Monica, clearly, you don’t want to be a Ruthie Ruth. Or the cheese that stands alone. When Walt gets put up in the Mews, expand your life – volunteer for something “Friends of Greenwich Point” has probably never heard of the Fairfield Greenwich Group, for instance. Those charities that have a “pay to play” policy, like the Boys and Girls Club or Bruce Museum won’t want you, but perhaps the Riverside Association can put you to work licking stamps. Don’t commit now, just think about it. After Walt’s tucked away in his Depends and bib will be time enough.

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Too bad Monica’s publicist didn’t show the same perspicacity

Newly discovered manuscript tells how Charles Ponzi’s publicity agent blew the whistle on him.

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But will the FBI honor the landlord’s covenant of quiet enjoyment?

According to Cityfile.com, Walt and Monica are offering up their Hamptons place, $350,000 for the summer. We can look forward to seeing them around the Round Hill Club this August, I guess – reader Horsejock, who passed along this link, says that the poor Noels have now been turned for membership from both the Beach Club in the Hamptons and the Bath and Tennis Club at Palm Beach. They don’t seem to be welcome in Mustique, either, so it’s the 19th hole on Round Hill for them. Or failing that, Donny Romeo’s hotdog concession at Tod’s. Ronny’s not particular about who he serves. In the alternative, Walt can summer in a country that doesn’t  recognize U.S. extradition laws and start a new career – he does have that degree from Harvard, you know.

 

Walt's Hots

Walt's Hots

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Calling all Noel fans

Received an intriguing request from a London writer for  well known publication, looking for information on the Noels:

“I’m focusing specifically on Ariane Noel, the sister that’s based in London, but any background on the way the Noels are now viewed in the US would be really useful!”

Anyone want to be an anonymous source? A named source? Except for you, Walter – I think you’re biased. If so, send me your dirt and I’ll pass it along back to the mother country. And anything on Andres Piedrahita would be gratefully received here – I have a feeling he may prove to be the most interesting of the entire Noel clan.

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