Walter Noel’s “Greenwich Sentry” Madoff feeder fund goes bust. Actually, I thought the old fart filed for bankruptcy two years ago, but I guess not. Nice to see that, having enriched himself at the Madoff trough for twenty years, Walter is insisting that his defrauded friends pry back the lucre from his cold, stiff fingers. It’s a strategy that will probably work, because Noel’s an old man, and his lawyers can surely keep his avenging victims off his back until he shuffles off this mortal coil. Nice if he’d do the right thing, but that ain’t gonna happen. I love this bit:
The investment partnerships used a form of “non-traditional options trading” implemented by Madoff, [Sentry lawyer] McKeefry said.
I dunno, it seems to me that a Ponzi scheme is a very traditional form of trading, one that quickly separates suckers from their money. Walt must see things different.