I was going for a laugh with the headline about the Tea Party sponsoring a party for abused animals, but when I read the fine print I saw that Hamptons.com is apparently just another tentacle of Resident Magazine. But check out this picture accompanying the article and notice the woman in the background identified, I think, as one “Boo Grace”. Unlike everyone else featured in Resident Magazine and its stable of PR customers of Couri Hay’s, Boo is clearly the real thing, so I can’t imagine how she got snookered into appearing with this gang of bandits. I know Mrs. Grace is real because only old money WASP produces a breed of people that at a certain age, men and women both, become George Plimpton look-alikes. I don’t know how they do this, but you should have seen some of my aunts.
Daily Archives: August 11, 2013
Connecticut’s I-95 is only #8 on the list of “Ten Deadliest Roads in America”. “Here in the Nutmeg State we thrive on challenge”, Governor Malloy told FWIW, “and now that we see what we’re driving for, it’ll be full throttle, pedal to the metal, can-do determination. Today we may just be number 8, but tomorrow we’ll be number one in the world – can’t you hear that rubber burn?”
So exactly how crooked is Walter Noel, and why is his spawn welcome in even the worst fringes of New York society?
For that matter, why is Walter himself still a member of the Round Hill Club? We’ll probably never know the exact extent of the Noel family’s take from Bernie Madoff’s Ponzi scheme; Noel took in billions, and returned only a portion of that to his clients, but the Trustee suit against Noel and the Noel family gives at least a glimpse of the looting. Certainly hundreds of millions, probably more, and all distributed and hidden across the globe. We’ve pointed out here before, repeatedly, that when one of the Noel daughters appears at a charity function or on African safari or dining out, she’s doing so on stolen money. The trustee’s suit details a portion of how that money was stolen, and where it went. The hiding places included offshore affiliates, family trusts, children’s trusts, even IRA’s. Picture a pack of sharks ripping flesh off the carcass of a great blue whale and you have the Noel family, in action.
(Note, by the way, the late summer/early fall 2008 withdrawals of cash by the daughters – Madoff was arrested December 11, 2008, and the walls had been crumbling long before that).
Through his ongoing investigation, the Trustee discovered that the [Noel controlled] Feeder Funds were no longer directly in possession of the majority of the billions of dollars in transfers they received from BLMIS. Rather, the Feeder Funds had subsequently transferred the bulk of the money to FGG investors and a number of FGG-related entities and individuals (the “FGG Affiliates”). The FGG Affiliates include:
Other FGG Funds: Fairfield Sigma Limited (“Sigma”), Fairfield Lambda Limited (“Lambda”), Chester Global Strategy Fund Limited (“Chester”), Chester Global Strategy Fund, L.P. (“Chester L.P.”), Irongate Global Strategy Fund Limited (“Irongate”), Fairfield Greenwich Fund (Luxembourg) (“FGF”), Fairfield Investment Fund Limited (“FIFL”), Fairfield Investors (Euro) Limited (“FIL-Euro”), Fairfield Investors (Swiss Franc) Limited (“FIL-Swiss”), Fairfield Investors (Yen) Limited (“FIL-Yen”), Fairfield Investment Trust (”FIT”), FIF Advanced, Ltd. (“FIFA”), Sentry Select Limited (“SSL”), and Stable Fund LP (“Stable”).
- Administrative Entities: Fairfield Greenwich (Bermuda) Ltd. (“FGB”), Fairfield Greenwich Limited (“FGL”), Fairfield Greenwich Advisors LLC (“FGA”), Fairfield Greenwich GP, LLC (“FGGP”), Fairfield Greenwich Partners, LLC (“FGP”), Fairfield Heathcliff Capital LLC (“FHC”), Fairfield International Managers, Inc. (“FIM”), Fairfield Greenwich (UK) Limited (“Fairfield-UK”), Greenwich Bermuda Limited (“GBL”), and Chester Management (Cayman) Limited (“Chester Management”).
- Management Individuals: Walter Noel, Jeffrey Tucker, Andres Piedrahita, Mark McKeefry, Daniel Lipton, Amit Vijayvergiya, Gordon McKenzie, Richard Landsberger, Philip Toub, Charles Murphy, Robert Blum, Andrew Smith, Harold Greisman, Gregory Bowes, Corina Noel Piedrahita, Lourdes Barreneche, Cornelis Boele, Santiago Reyes, and Jacqueline Harary.
36. The other FGG funds and administrative entities collectively received over a billion dollars of management and performance fees for supposedly monitoring the Feeder Funds’ investments with BLMIS. Similarly, the through the other FGG funds and administrative entities, FGG management individuals received hundreds of millions of dollars.
Which of the Noels gorged themselves on Maddoff’s (and Walter’s) victims? All of them.
VIII. THE DEFENDANTS
60. Walter Noel was one of the original founding partners of FGG. Four of his sons- in-law and one daughter were partners or associated with FGG. As a founding partner, Noel was entitled to compensation and partnership distributions from FGG’s operations through FGL and FGB. As outlined below, Noel directed the compensation and distributions due him from FGG’s operations to a number of entities. In addition, a number of entities associated with Noel invested in FGG funds and as a result received subsequent transfers of Customer Property.
61. Upon information and belief, Noel, through the various Noel-related entities, directed a portion of the subsequent transfers of Customer Property to his daughters. Walter Noel has five daughters that were beneficiaries of certain Noel trusts and other related entities: Alix Toub, who is married to FGG partner Philip Toub; Corina Noel Piedrahita, an employee of FGG and married to FGG founding partner Andres Piedrahita; Marisa Brown, who is married to FGG partner Matthew Brown; Lisina della Schiava, who is married to FGG partner Yanko della Schiava; and Ariane Sodi.
70. Defendant Marisa Brown has, through her connections to various FGG entities, received transfers of funds that were initially transferred to BLMIS by the Feeder Funds. For example, as a beneficiary of Defendant Noel 2004 Family Trust—which received subsequent transfers from GS, Fairfield International Managers, and Chester Global Strategy Fund LP— Defendant Marisa Brown received subsequent transfers. For example, she withdrew $3,650,000 from Defendant Noel 2004 Family Trust in January 2008. This withdrawal constitutes a subsequent transfer of Customer Property.
75. Lisina della Schiava: Defendant Lisina della Schiava is a resident of Italy. She maintains a residence at Via Bramante 8, Milan Italy 20154.
76. Defendant Lisina della Schiava has numerous connections to FGG individuals and entities, including the other Noel entities named as defendants in this Complaint. She is the daughter of FGG founding partner Walter Noel and is married to FGG partner Yanko della Schiava. Defendant Lisina della Schiava is also one of the beneficiaries of Defendant Noel 2004 Family Trust.
77. Defendant Lisina della Schiava has, through her connections to various FGG entities, received transfers of funds that were initially transferred to BLMIS by the Feeder Funds. For example, as a beneficiary of Defendant Noel 2004 Family Trust—which received subsequent transfers from GS, Fairfield International Managers, and Chester Global Strategy Fund LP— Defendant Lisina della Schiava received subsequent transfers. For example, she withdrew $500,000 from Defendant Noel 2004 Family Trust in March 2008, and an additional $500,000 in July 2008. These withdrawals constitute subsequent transfers of Customer Property.
83. Defendant Ariane Sodi has, through her connections to various FGG entities, received transfers of funds that were initially transferred to BLMIS by the Feeder Funds. For example, as a beneficiary of Defendant Noel 2004 Family Trust—which received subsequent transfers from GS, Fairfield International Managers, and Chester Global Strategy Fund LP— Defendant Ariane Sodi received subsequent transfers. She made the following withdrawals from GS: $400,000 in May 2006; $300,000 in August 2006; $300,000 in October 2006; $300,000 in August 2007; $300,000 in August 2008; $400,000 in October 2008. In addition, she withdrew $300,000 from Defendant Noel 2004 Family Trust in July 2008. These withdrawals constitute subsequent transfers of Customer Property.