Tag Archives: Bernie Madoff

It seems that Bernie Madoff may not make the full 150 years


Same scam, different results

Same scam, different results

Reportedly had a heart attack last month, although he’s now back in his cell.

The Madoff family has not come out of this well, unlike the Walter Noel clan, which just celebrated another Christmas / New Years on Mustique.

His only surviving son, Andrew Madoff, 47, is currently receiving treatment for stage-four cancer. Son Mark Madoff, 46,  hanged himself in his SoHo apartment on Dec. 11, 2010, the second anniversary of his dad’s arrest.

His ex-wife, Ruth, 71, now lives in [Old] Greenwich, Conn.


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Oops! Another Madoff co-conspirator arrested in Greenwich

Feds showed up at Paul Konigsberg’s home on 19 Pinecroft Road at 6:00 AM this morning and hauled him away.

FBI agents arrested Paul Konigsberg at his Greenwich, Conn., home around 6 am Thursday. Konigsberg, 77, a longtime friend of Madoff, is expected to appear in Manhattan federal court later on Thursday.

“Konigsberg helped recruit new investors to Madoff’s Ponzi scheme,” a law enforcement source said.

The money man was a founding partner of Konigsberg Wolf & Company, a midtown accounting firm no longer in operation.

The five-count indictment that will be unsealed Thursday charges Konigsberg with conspiracy to falsify records of a broker-dealer and an investment adviser, falsifying such records, fraud, and conspiracy to commit fraud.

Konigsberg, the feds say in the indictment, directed the creation of false books and records at Madoff Securities, where a decades-long multi-billion investor ripoff was underway.

“… By December 2008, [Konigsberg’s firm] handled various accounting assignments in connection with more than 300 of Madoff Securities investment advisory accounts,” the indictment alleges.

Konigsberg through his arrangement with Madoff Securities also arranged for a relative to get a $20,000-a-year no show job that included benefits, the indictment alleges. The relative, listed as an unnamed co-conspirator, pocketed $320,000 plus health benefits from 1992 until 2008 when the firm collapsed.

Reed Brodsky, a lawyer for Konigsberg, did not immediately respond to requests for comment.

Well we can do that for you, Mr. Brodsky: “My client is completely innocent, and looks forward to his day in court”. Uh huh. My only question is, how come Walter Noel is still enjoying his pool up there at 175 Rond Hill Road?


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Where’s Walter?

Walter’s Playhouse

The media has lost track of Walter Noel this summer and I can’t find him. Is he summering in Southampton? Anyone know?

And can you figure out how he’s allowed to stay in his beach cottage (last rented out, summer of 2009, for $375,000 per month) when he’s on the hook for a couple of billions of dollars? And how, four years on, is he still free?

Just asking.


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Noel, Noel, Noel, Noellll?

"Everything I am today I owe to Bernie" (actual quote, July, 2008)

Where’s Walto? No, not our Walt but the Round Hill Road guy with all that money. I’ve heard complaints from his neighbors that nothing has changed at the Noel residence. The expensive cars still come and go, parties are held (who would attend such an affair except from morbid curiosity?) and Monica hasn’t conducted a single tag sale.

So, Mustique for Christmas? Vail? Inquiring minds want to know.


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Has Bernie Madoff really stashed away $9 billion?

So says a fellow inmate, and if you can’t trust a con then who can you believe? Supposedly, friends are hiding it for him and if so, I might want to make a late night visit to the Noel household on Round Hill Road and do some digging in the flower garden. But I wonder how much good even $9 billion will do a person after 150 years.


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Did Greenwich Bank & Trust do the dirty with Bernie Madoff?

That’s what our aspiring senator but still, to his intense frustration, Attorney General Richard Blumenthal says he is investigating. In fact, he’s poking around GB&T’s parent, Westport National Bank, but same thing; all are owned, mostly, by Greenwich’s William Berkley, he with the huge spread up on Doubling Road and the insurance building on the corner of Steamboat Road.

NEW YORK, April 6 (Reuters) – The Connecticut Attorney General said on Tuesday he was looking into whether Westport National Bank and a Connecticut pension consultant aided and abetted Bernard Madoff in his $65 billion Ponzi scheme.

Connecticut Attorney General Richard Blumenthal said in a statement that his office and the Connecticut Department of Banking have been conducting “a wide-ranging investigation” into federally chartered Westport National Bank, pension consultant PSCC Services Inc and its owner Robert Silverman.

“Our investigation is focused on allegations that Westport National Bank, PSCC and Mr. Silverman operated investment funds that fed cash into Madoff’s massive fraud, skimming millions of dollars in fees for themselves,” Blumenthal said in the statement.

“I expect to make a decision soon regarding possible legal action.” Legal action could be aimed at recovering money for investors as well as fees.

Madoff is serving a 150-year prison sentence after pleading guilty to running the Ponzi scheme in which scores of investors were defrauded.

Connecticut Governor Jodi Rell said in a statement on Tuesday that the probe suggested that clients of the bank had invested some $59 million with Madoff, but received statements from the bank showing that they had invested in “shares” or “units” with specific market values.

“The probe found information indicating that Silverman and PSCC Services allegedly steered clients toward pooled investments for which Westport National Bank served as the nominal custodian and which were to be managed exclusively by Madoff’s company,” Connecticut Department of Banking Commissioner Howard Pitkin said in a statement.

Silverman and PSCC received more than $14 million in fees and Westport National Bank got $2.5 million in fees for managing the investments, the governor’s statement said.

UPDATE: Silverman seems to be a Wilton residence with a “pension consulting” practice  a half block from Westport National.

And there’s this, from the (February 9, 2009) New York Times:

The arrangement seemed odd to specialists on bank custodial services.

Custody accounts typically involve an array of specific services, explained Marshall N. Carter, the retired chairman and chief executive of State Street Bank, one of the largest custodial banks in the world. Those include settling customer trades, insuring safekeeping of the securities, servicing customer transfers and providing information about the portfolio.

In this case, no customer trades were settled and the safekeeping of securities was apparently left to Mr. Madoff. Finally, although the bank said it provided record keeping, tax reporting and “other ministerial services” to the custodial clients, Mr. Silverman was also being paid a “record keeping” fee.

Together, the fees paid to the bank and PSCC Services were almost 4 percent of the customers’ assets — well above normal levels for those services, according to Charles Ruffel, founder and director of Plan Sponsor, a financial information business serving institutional investors.

The bank’s custody fee was about three times the going rate, Mr. Ruffel said, and he called the record-keeping fee paid to PSCC “unconscionable.”


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Being John Malkovich isn’t as much as it once was, I guess

"Gimme back my money, you bastard!"

Malkovich sued Irving Picard, the Madoff trustee yesterday, claiming he’s entitled to the full $2.2 million he had “invested” with the man in November ’08, and not just the piddling $670,000 Picard has awarded him. I haven’t read the suit, but it sounds like another investor claim that they shouldn’t have their previous return of capital credited against them. If so, as Warner Wolf likes to say, “YOU LOSE!”

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