Walter Noel is still on the hook

Madoff Trustee, Fairfield Group liquidator agree on settlement. That might at first blush sound like good news for our Round Hill resident but then there’s this:

The settlement allows the liquidators of the Fairfield funds to work together with Picard to purse [sic] assets from the former owners and managers of the Fairfield funds, David Sheehan, the Madoff trustee’s chief counsel, said in Picard’s statement.

I think Walt’s going to have a troubled retirement.


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3 responses to “Walter Noel is still on the hook

  1. Inagua

    Walt’s bigger probem might be the class action suit by David Boies. An initial ruling had this to say about the unjust enrichment charge:

    “Plaintiffs have satisfied their pleading burden at to
    this cause of action. The Fairfield and Fairfield Fee Claim Defendants were undoubtedly enriched at Plaintiffs’ expense by the millions of dollars of fees they collected for, broadly speaking, managing Plaintiffs’ mirage investments. The circumstances in which these defendants collected the management fees –- in the course of steering Plaintiffs’s investments to a Ponzi scheme of which the complaint adequately alleges they should have been on notice –- would, if adequately proven, in equity and good conscience require disgorgement of the fees.”

  2. TinLizzie

    At the very least, a claw back into the bonuses and salaries of the entire Noel clan is in order IMO.

  3. Heather

    So Bernie Madoff was arrested on December 11th, 2008 for the fraud. That means Walt, Fillies, and the Sons-in-Law have had almost two and a half more years with “the money.” This may not be as good as it seems. Had this money been invested well, given what has happened in the market over the last few years, a half decent investment strategy would have increased this nest-egg by a handsome amount. However, given the people who are doing the investing here are the “Noel” crowd……well…considering their past track record…..suffice to say they probably blew it again. The lawyers need to move fast before we learn that Madoff II has absconded with more of the “Noel” billions………. Remember, Walt and crowd do “deep due diligence.” Right.