Back to Mustique, Walt – hurry!

The Noels prepare to travel (Photo

The Noels prepare to travel (Photo

Massachusetts regulators charge Fairfield Greenwich Group with fraud. This is a civil complaint by the Securities Division and not the sort of thing that will directly cause certain principals to join Bernie in Ossining, but the hell just continues, and where civil authorities smell fraud, can criminal charges be far behind? I’d ask where our own stalwart Greenwich AG Blumenthal is but, as always, he’s lurking on the sidelines, ready to dash out and snatch the baton once his work is done for him. Besides, he’s a friend and neighbor of Walt’s and probably doesn’t want to return his campaign contributions.

April 1 (Bloomberg) — Massachusetts Secretary of the Commonwealth William F. Galvin accused Fairfield Greenwich Group of fraud in misrepresenting to Massachusetts investors its lack of knowledge of the operation of Bernard L. Madoff Investment Securities.

The administrative complaint filed by Galvin in Boston seeks restitution to Massachusetts investors for losses and reimbursement for performance fees paid to Fairfield by those investors. It also seeks an administrative fine.

“Investment advisers have a fiduciary responsibility to their clients under law,” Galvin said in the statement. “The allegations against Fairfield in this complaint outline a total disregard for such responsibility, which helped the Madoff scheme stay afloat for so long.”

Fairfield founder Walter Noel admitted in testimony to the securities division that Fairfield was not involved in anything “but turning money over to” Madoff, according to Galvin’s statement.

Executives Coached

Galvin said Madoff coached Fairfield executives on how to respond to questions from the U.S. Securities and Exchange Commission who were looking into concerns of fraud by Harry Markopolos, a former money manager, who has told Congress he tried to persuade the agency for nine years that Madoff was a fraud.

Fairfield executives “were blinded by the fees they were earning, did not engage in meaningful due diligence and turned a blind eye to any fact that would have burst their lucrative bubble,” according to Galvin’s complaint.

Earlier this week a Connecticut judge froze the assets of Fairfield Greenwich Group and other so-called feeder funds that steered investors to Madoff, along with those of Madoff’s family members, a lawyer said.



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6 responses to “Back to Mustique, Walt – hurry!

  1. Walt

    Chris, Chris, Chris:
    Do you take glee in mocking a feeble old man? With Alzheimers for Pete’s Sake!!
    Did you even bother to read the complaint, before tossing out your venemous barbs? HUH???
    It clearly says I did MARKETING. That means I smile a lot. That was my job, okay? You get that yet?
    It says right in there all I did was take the money and hand it over Bernie. They get it, why can’t you? How much more proof do you need that I did absolutely NOTHING!! Go bug Jeff Tucker for Pete’s Sake.
    And as for your lack of creativity, all I can say is don’t quit your day job. Kermit & the Muppets? No horse heads? You sadden me my friend. Talk about squandering a perfect photoshop opportunity. But hey (HAY!!!) every one is a critic.
    Any way,
    Your Pal,

  2. Walt

    Hey (HAY!!!). WAIT A MINUTE!!! I get it. What day is today? Chris you prankster, you!! You pulled a good one on old Walt, now didn’t you.
    Got your crooked pal Blodget to paper the web and trick old Walt on April Fools Day!!!
    Good one Buddy. You had me going there, with all these NEIGHsayers and what not.
    You are luck old Walt still has his sense of humor!! But you owe cabana boy an apology. BIG TIME.
    Off to tennis!!!
    Your Pal,

  3. Walt

    Chris –
    You are killing me here. I need some real time feedback right now. I need to head back to Round Hill and calm the foal. But I need to sense the mood first, you know what I mean? And you are my ticket. I hope.
    Turn off this “Your comment is awaiting moderation” crap. You are out dicking around, doing who knows what, I might add, not “moderating” whatever the heck that means, and I am in the cone of silence!!
    No one else moderates, my friend. Not even that crook Blodget, who you hold in such high esteem.
    So cut the moderating crap. You can clean up the turds after the fact, when you have the time. While I am dealing with this stuff:
    So get with the program buddy!!
    Off to Reggae!!
    Your Pal,

    • christopherfountain

      I’m sorry to keep your wisdom in hangfire, Walt, but if you saw the crap that comes in as comments you’d understand. Most of it’s personal attacks on me (which, when I delete it, spurs furious, anonymous readers to complain that I’m interfering with the “First Amendment rights”! Idiots, just pure, born in the dark idiots), but there’s also stuff about other realtors sins, real or imagined, that I just don’t want to spread on the internet. So have a mojita or three, chill a nit, and know that I’ll always come back soon to put your insight on the air.
      Do they have internet access in Sing Sing?

  4. Walt

    First of all, call that friggin grammer Nazi, Hiram. You said you’d? YOU’D??? You would maybe? Can you’d be right? Yude? That one may make Hiram’s friggin head explode. I call FOUL!! But it may be the Alzheimers.
    I understand your, your’, you are, point on the comments (covering the bases in case S.I.H. shows up!!). Some people just can’t put their personal feelings aside, Chris, and simply have an intelligent discussion on current events. Without resorting to the childish tactic of calling people names. Do you agree Chris, you ignorant slut?
    But trust me Buddy. I know what you are dealing with. I get it in spades. The e-mails I get make David Berkowitz look like a chior boy.
    And whus up with these Sing Sing comments? (Just practicing my street lingo on the REMOTE chance you may, for once, actually have a point.) The chances of me doing time for a (possibly) over aggressive marketing plan, are akin to you sleeping with Bar what’s her name tonight!!! Which means ZERO, my commission deprived friend!!
    Going star watching with Monica!!! GRRRRRRR.
    Your Pal,