Bernie’s list – early report

Over a thousand names in non-alphabetized order, all I can do is a quick scan. I ran down backwards from p. 163 to 100 and came up with Greenwich’s own Met, Tim Teufel (at least, one Timothy S. Teufel, c/o Sterling Equities, FL), another Met, sort of, Jeffrey Wilpon, a Marshall Zieses, Old Greenwich (lost an IRA, poor fellow), and a Doug Brown – a Noel son in law? I think not. The Potamkins of Manhattan Cadillac fame and now of Fisher Island got whacked, too. of interest is the large number of what I guess were feeder funds with literally pages of separate accounts, each entry representing one angry investor. The legal fees spun off from this mess are going to keep lawyers happy for years. More later if time permits. It is open house day today, and there’s at least one new spec house I’m dying to see, even if none of the people on these 163 pages can afford it any longer. Perhaps their lawyer.

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  1. chickenlittle


    FYI – So is the sky falling???

    From Times Online
    February 3, 2009

    Madoff victims could reach 3m, say lawyers

    Graham Keeley in Madrid

    The alleged $50 billion (£34.8 billion) fraud by Bernard Madoff, the American broker, may have impacted up to three million people worldwide, lawyers representing claimants said today.

    Javier Cremades, president of Cremades Calvo-Sotelo, the Spanish law firm, said: “Our calculations are that at least three million people were affected by the Madoff affair, three million people who could be directly or indirectly affected by the case.”

    The estimate is based on information collected from over 30 firms around the world who are representing the victims of the alleged pyramid fraud conducted by Mr Madoff.

    Mr Cremades, whose firm has filed a US lawsuit in the name of 600 victims who claim they lost €120 million (£108.5 million) in total, said the overall amount involved could turn out to be higher than the $50 billion which has been estimated so far.
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    He said “about 30 per cent” of those who had lost out worldwide may not yet be aware they were victims of Madoff as they may have lost small sums invested in pension funds.

    The firm, which has offices in Spain, Argentina, Brazil, Colombia and Portugal, filed a class action lawsuit in Florida, in the name of people who invested in Madoff through a fund run by Banco Santander which owns Britain’s Abbey, Bradford & Bingley and Alliance & Leicester.

    The Spanish law firm claims Santander did not adequately scrutinise products offered by Mr Madoff.

    The lawsuit claims Banco Santander was negligent, claiming there was a “plethora of red flags” that should have alerted the bank that Mr Madoff was running what the lawsuit says was a Ponzi, or pyramid scheme.

    The law suit seeks class action status.

    But Santander said in a statement that it acted with “due diligence”. Santander said in December it had a total of €2.33 billion in client funds exposed to Madoff. The bank itself has lost €17 million in the alleged fraud.

    The bank last week offered €1.38 billion to reimburse private clients who lost money related to investments in its Optimal fund.

    But Santander has so far made no mention of reimbursing institutional investors.

    Lawyers for Cremades Calvo-Sotelo claim Madoff swindled investors in many countries, including Argentina, Brazil, Switzerland, South Africa, Mexico and Israel.

    Mr Madoff, 70, a former chairman of the Nasdaq stock market, was arrested in December and in currently on bail.