Feds target Andy and Mark’s homes

No mention of their Greenwich homes but the feds are looking for at least $31 million from the boys, an amount loaned to them by papa to buy houses in NYC and Nantucket. Cherry Valley and Tomac Avenue next?


And, bye the bye, spoke with someone today who knows the Noel family quite well. Walter does not have Alzheimer’s, according to this source. Of interest is that the son in law, Andres Piedrahita, was long rumored within the family to be laundering money for his Colombian friends. He “was forced to leave Greenwich” in 1997, fled to England where something else happened to cause him to pull up stakes and flee again, this time to Spain. Anyone have details on these sudden departures?

Walter, this person says, is a harmless straight arrow, known to say such harsh things as “golly gee, Monica” when perturbed. You can believe it or not, but this story is that the guy was on the straight and narrow until son-in-law Andres insisted, based on the money he was pulling into the fund, on being made a partner at Fairfield Greenwich Group. It was downhill from there. Andres, not from wealth originally, suddenly had Bentleys, jets and mansions. Of course, Walter didn’t seem to be doing so badly either, until December 12th.

Update: as I was writing this, Guest of a Guest was sending me a link to its own article on Andres’ father. Not a nice guy, apparently.


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17 responses to “Feds target Andy and Mark’s homes

  1. Towny

    Chris: You’ve missed your calling…….a job at the National Enquirer.

    • christopherfountain

      I already work there, Towny – but under the assumed name of Frank Farricker. Perhaps you’ve seen me quoted daily in the Greenwich Time.

  2. The phrase “forced to leave Greenwich” sounds ominous. Perhaps he got friends and/or clients involved in investments with big emerging-market currency exposures? Remember 1997 was the start of the Asian currency crisis that led to LTCM meltdown a bit more than a year later. Other emerging markets were also heavily hit during that period.

  3. anonymous

    Lots of dumpy houses and planes for the scammers…what’s the point of stealing, again?

    Hard to differentiate from the penniless, tasteless “royals” or trust fund crowd….hmmm

  4. Blind Brook

    I told you Walter didn’t have alz months ago. Mrs. the digger here. Some talk about their recent trip to Mexico where they hosted Rush McCloy’s bachelor party part of the cash hiding. McCloys, provisional members of the B and T in PB, now will probably not make the cut. Monica is the next Ruth Madoff. And of course Walter knew. Puh leeze.

  5. FGG watcher

    What you say is true. I have personal knowledge of the situation. In fact, for the past few years Andres has actually been the majority shareholder of FGG (he has 20% to Walter’s 17% ). Walter is as straight a shooter as they come – and Piedrahita is as slippery. And Walter definitely is suffering from mental decline – not sure if its Altzheimers, but it is something like that if not. He has good days and bad. The whole thing is tragic beyond words – for the victims and also for the Noels.

  6. CEA

    If the “source” is saying this, it means Walter is willing to hang his son-in-law out to dry to save his own reputation. I think a lot LESS of him now (if that were possible). If, as you say, your contact knows the Noels “quite well” and got the story from them… that must mean their tactic is to deny and blame Andres.

    Andres isn’t a great guy, and he was one of those slicksters I couldnt’ believe ANY girl wouldn’t see through – but saying he was the bulk of the reason FGG is in trouble is like saying it was only Jim Cayne who tanked Bear STearns.

  7. Demented

    I disagree. I think Walter is a cloudy thinker. Years of Rum and coke served by Round Hill Clubs finest bartenders. As long as the glass is full, no one there complains. Early Alzheimer’s is a possibilitity. Monica is another Nancy Reagan.

  8. Walt

    Chris, Chris, Chris:
    While not worthy of a reply, I feel compelled to retort. First off – no Alzheimers? Incorrect, my overpriced Greenwich real estate schill. If one of the filly’s ask me what I had for breakfast, I need to sneek a peek in the pampers – brown – I had creamed carrots. Yellow – I had creamed banana’s. Enough on that already.
    Now – the money laundering. this is racist. Just because he is Colombian he launder’s money? So you also think all Italian’s are in the mafia. Right, Chris? RIGHT? Come ON.
    We didn’t ask our investors how they made their money. We just took it. And while our marketing materials talked about split strike conversion strategy and a whole bunch of other stuff that I never understood, our business model was really quite simple: Take money, give to Bernie = PROFIT!!!
    Even you should get that. Now, the critisicm that I didn’t have my own money with Bernie. That is the easiest one of all. I am 78 years old for Pete’s sake. Any 2 bit financial planner would tell me at my age it would be INSANE to have any money in an “alternative investment vehicle”. Heck, I don’t even know what that is!! So it’s T-bills and coupon clipping for me.
    Late for tennis!!

  9. 52 Pecksland Rd Greenwich

    Research the owners name in the title search room at Town Hall for the owner of this house around 1989-1993?. They rented the place to Andres and Corina. Probably a story there.

  10. Jane

    Piedrahita also lived on Lismore Lane back then.

  11. Inagua

    Walt has never shown any remorse for what he did to his investors. Whether oblivious or complicit, he is at bottom a greedy, self-absorbed social wastrel. In a just world, Walt and his partners would be broke and shunned.

  12. Stanwich

    Agree with Inagua. Do the Noel’s show up on the Greenwich scene much anymore? If they don’t end up behind bars and broke, I hope they are hounded by paparazzi and civil suits for the rest of their miserable, shallow lives.

  13. Blind Brook

    Rich in Brazil means poor elsewhere. You need to be rich rich rich to have chops there. Let’s not forget Noels bought what was an elderly couple’s gracious two bedroom house on Round Hill and had all those girls sleeping on top of each other for the address. And Monica took in sewing, or the equivalent, making slaves make children’s clothes. No, glamorama was too much for them. He was a lower mid level banker and she was greedy. I mean hiring PR firms for the daughters? Round Hill or no Round Hill, it just isn’t done. Poor Johnny McCloy got done in by the striving wife. Ask his sensible sister Ellen. No, they’re conniving crooks. Ever see the movie “The Grifters”? What is more interesting, is, what other members of our little Social Register, gossip column crowd they are going to drag down with them? Serves them right for letting them in in the first place, right Missy? No more lunches on a tray for you in the sun, dear girl. Go to Lyford where the rest of you who can’t make an “A” club in Florida go.

  14. Looper

    Don’t know much about Walter Noel, except to say that I caddied for him at Round Hill Club many years ago. He was a real hacker.

  15. DAlan

    I’ve known Mark and Andy for many many years (especially Mark) … I can tell you that they are as good as gold… But they were also devoted to their family and father.. I have been shocked by Bernie’s crimes and still am. six months ago, I would have been surprised to learn that Mark and Andy knew of the crimes committed but thier devotion to Bernie who was an outstanding father may have inhibited their good sense. They are extremely intellegent and may have just looked the other way trusting their idolized father. I feel for them… While I beleive there was no ill intent, their devotion may create thier own guilt.

  16. Kathleen

    I think DAlan is confused by what makes an “outstanding father.” With the almost sociopathic behavior of Madoff it’s more likely that he simply enjoyed playing father or big man to his family. Maybe it was about control. Whatever it was or is, these people lived unhealthy lives to say the least. No good father would have left his children this legacy completely devoid of integrity.

    We could go through the same exercise with your description of these sons as “extremely intellegent [sic]” but in a nutshell they either were stupid or did not care about the source of their money.