Real estate sales coming?

Irving Picard, Trustee for Madoff victims, has just filed lis pendens – notices of suit – against the Madoff boys’ houses on Cherry Valley Road and Tomac Avenue.

Where will Ruthie move next?

10 Comments

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10 responses to “Real estate sales coming?

  1. Stanwich

    This wasn’t done previously? These assets are all fraudulent gains. Same thing with everything the Noel’s ever got. Irving Picard has attempted to clawback from “net gainer” investors before going after the perpetrators of the fraud. Ever see how much Picard has made off this fraud? Something is wrong with this system.

  2. Is Mr. Noel Still Suffering Alzheimer's

    I thought one writer said Mr. Noel was sick? If so, he should be drooling over this news you report (in a bad way).

  3. dogwalker

    You’re ahead of me, Stanwich. Why did this take so long? (Of course, the other question is why didn’t the idiots liquidate everything and hide somewhere.)

  4. AndyD

    i think you forgot, his sons ran the honest market-making side of the business and all their gains were from that. ha! what a crock! but that is their story and they are sticking to it.

    • Yeah, but I think the surviving one is going to have a hard time explaining how he extracted $33 million or so from a
      legitimate” business that never made more than pennies. That difficulty aside, I’m sure he’ll come out of this just fine.

  5. Riverside Dog Walker

    I don’t know why these people didn’t or don’t legitimately obtain Brazilian citizenship or permanent residence (or another similar scheme all of which are very doable) and then go there to enjoy their ill gotten money.

    I thought Peter Madoff was smart, maybe I gave him too much credit. Case in point, Brazil will not extradite a Brazilian citizen for any offense. If I was 66 year old Peter Madoff, I would prefer to learn Portuguese and enjoy the rest of my life outside the US, rather than go to prison for 10 years and give the government all my money. Hell, with his money, he could afford bi-lingual servants and translators.

    And it isn’t like they didn’t have enough time to put this in place, even after the Ponzi scheme cat was let out of the bag.

  6. Inagua

    Dog Walker – Most white collar criminals are not smart. if they were smart they could earn an honest living. They are also generally very poor contingency planners. I know of only four financial crooks who planned an escape — a tax evader who lived on a boat, a tax evader who went to Belize, Robert Vesco, and the computer guy who went to Namibia. Most of these dopes wind up in prison like Raj Raj.

  7. john

    I too am surprised at a big time criminal who fails the contingency planning test. At the Madoff level of stealing how hard would it have been to hide a few million here or there in the event the whole thing goes wrong? Even Charles Ponzi failed this test, buying a big house in Lexington, Mass, (my home town) toward the end when he could have easily filled a big suitcase with cash and slipped quietly away to points north, south, east or west.

    Perplexed,

    John

  8. Earth Ocean Sky Redux

    I know after we were in Brazil this winter, hubby said if he were even to become a felon, he’d move to Rio in a heartbeat. He loved the views.
    http://earthoceanskyredux.com/2012/02/24/evening-stroll-along-the-copa-boardwalk/p1110908/

  9. AJ

    Alcatraz has nice views.