A reader sent along a link to this story which encapsulates Walter Noel’s career. It’s pretty much a recap of what we already knew but isn’t it fun to stroll down memory lane? And there’s this:
Fairfield Greenwich investors believe that Walter Noel along with his foreign born son-in-laws have stuffed hundreds of millions of dollars into accounts in offshore tax havens, possibly in the Caribbean, South America and Europe. The lawyers representing Greenwich Fairfield investors say that these offshore monies could prove tricky to recover. However, one attorney close to the defense team of Walter Noel, says the belief is that Noel could be indicted in England on money laundering charges.
Walter is now keeping a low profile, as people avoid him and there has been at least one public verbal attack. Monica looks washed out, but supports Walter and tries to keep up his spirits. Youngest daughter Marisa has declared that she had been poor and is prepared to be poor again. In the meantime, Fairfield Greenwich is the target of a number of lawsuits, including a class-action suit filed by angry investors in U.S.On December 19, 2008, a class action lawsuit filed in the New York State Supreme Court by Pasha and Julia Anwar accuses Fairfield’s fund managers of failing to manage the investors’ money with due diligence, leading to “avoidable losses” from Madoff’s firm. The investors also attack Fairfield for reaping “unjust” fees.
On March 30, 2009, a Connecticut judge temporarily froze all of the personal and real property assets of Walter Noel, Jeffrey Tucker, and Andres Piedrahita, all involved in a lawsuit filed by the town of Fairfield’s pension funds. The lawsuit accuses six investment firms and ten individuals of acting criminally when they encouraged institutions and individuals to invest money with Bernard Madoff. The suit includes three people who are principals of Fairfield Greenwich Group, Walter M. Noel, Jr., Jeffrey H.Tucker, and Andres Piedrahita.