SEC sues more friends of Bernie’s

Two down, one to go (GofG)

Two down, one to go (GofG)

Robert Jaffe has been sued for fraud by the SEC. “Bob” is the son-in-law of Carl Shapiro, the 96-year-old philanthropist who first started Bernie on his way in the 60s, made millions with him and, until recently, was depicted as Bernie’s last victim because he wired $400,000 to Madoff to keep the firm afloat. Now’s there’s some thought that Carl was in on the whole scam and sent the money in to preserve his good name, rather than to help his god friend Bernie. Whatever, perhaps his son in law will rat him out to shorten his own jail sentence.

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5 responses to “SEC sues more friends of Bernie’s

  1. So, who exactly is “Douglass Winthrop,” and where do they fit in?

  2. yuck

    these guys like noel/bourke have always been faking it while trying to be making it.

  3. Jessica From Brooklyn

    Robert Jaffe – Speaking of worthless sons-in-law, Mr. Jaffe ranks right up there. He has much in common with the Noel “boys.” All married into money, made more money with Mr. Madoff, and never got around to really checking the facts about what they were selling (Guys – it is called “due diligence” – it was a major reason you were being paid hundreds of millions of dollars – but we digress). They have all lived great lifestyles, and they now all look like greedy fools. None will ever reclaim their “names.” On the other hand, does it matter to them? They all still have the threads, cars, houses, and secret accounts…..and wives. They’ll pay some lawyers and fines, and be sipping cocktails on the beach (no doubt Mustique) by this time next year….just a bump in the road (though Mr. Jaffe might want to join a new Florida club – the folks in Palm Beach might still be a bit sensitive. Word is, even Jaffe’s wife is being polite to other members at their Florida club – evidently for the first time in her life). Maybe the crowd in Mustique can have a “Noels are back” cocktail.

    If things should go wrong, there is always Myrtle Beach….or for that matter, Hilton Head. Evidently there hasn’t been a Southerner at either beach for decades and there are plenty of cheap condos for sale there. The girls might have to hide the “yoga” arms…..or start eating fried food…to blend in.

    Oh yes….did these guys know Bernie was a fake? Almost certainly not! None of these guys really knew enough about real business and the numbers they are based on to spot a fake. Who wants to get bogged down in details when there are private jets to fly! The Madoff checks just kept rolling in and they had no incentive to really look at what they were selling. That is, until now.

    But dang, can’t all these guys dress up well and put on airs? Image is everything…right!?!? What is that old punch line – “Don’t their suits fit nice?”

  4. Andres the Clown

    My favorite character is the hapless Andres Piedrahita who still considers himself a loveable PR genius. He doesn’t seem to realize that a monkey could have marketed a fund with annual returns of 15% and he doesn’t seem to appreciate that his many “friends” may not have found him so loveable if they knew he was throwing their money into a furnace – and taking a nice slice for himself on the way – he paid himself $35 million in 2008 alone! It seems Madoff relied on bumbling relatives like Andres, Matt, Rob Jaffe and so on – people clueless enough never to check whether a trade actually occurred or was within the trading range.
    I agree these people will all walk away with millions of stolen cash – but will hopefully find themselves neck deep lawsuits for many years with their names destroyed.

  5. Corina No-elle

    I won’t have my prince dragged through the mud anymore!

    Andres is a lovable guy. And a PR genius — he graduated from BU, mind you. And I believe he has his Series Something (7, I think).

    And yes, he’s a little pudgy, but he’s my pudgy prince.

    And very misundershood. He’s a fun guy who loves people (especially their money).

    Off to spin class!

    Besos,

    Corrie