Tag Archives: Irving Picard

Madoff boys’ Greenwich property coming up for sale?

Maybe, although each Greenwich home, Andy’s at 57 Tomac, Mark’s at 21 Cherry Valley Road (or vice versa – does it matter?) is attached to the tune of $2.5 million already so probably can’t move readily. In any event, Irving Picard, Trustee of Papa Madoff’s bankruptcy, is going to sue the boys and their uncle and their cousin for $200 million. Picard sounded positively gleeful that his suit might drive the Madoffs into bankruptcy and, interestingly, also opined that there are “millions” stashed away just waiting to be discovered. I’ll volunteer to go to Mustiqe and look there, assuming Irv will front my expenses.

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Bad news for the Noels of Greenwich and Mustique

Does Aida's still sell penny candy?

Does Aida's still sell penny candy?

Irving Picard, trustee of the Bernie Madoff estate, has persuaded a judge to put Ruth on a strict allowance and she must now report all expenditures over $100. By funny coincidence, Picard is suing Walter Noel on the same legal theory of unjust enrichment and imagine the disruption to the Noel family if the same limits are imposed on them. How will Walter pay his greens fees? (I think Greenwich’s municipal course falls under the spending threshold, but can Walter even find the place?). How utterly degrading to have to ask that horrible man Irving for permission to jet off to Mustique. Or the Hamptons, for heaven’s sake – no helicopter flight across the Sound can possibly be had for such a paltry sum.

Of course none of this has happened to the Noels, yet. But if she were wise, Monica might want to stock up on must-haves now, while her credit card still works and Picard is busy ruining what’s left of Ruth Madoff’s life. Pre pay the Round Hill dues, for instance, book flights for the Thanksgiving holidays to your villa and, just in case, get that Viagra prescription filled for Walt – I can just imagine the glee with which Picard would turn that down. How the mighty have fallen, so to speak.

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Well, there’s always NoPo, here in Greenwich

Turns out Ruthie Madoff may not be permitted to buy that one bedroom in Spanish Harlem (or whatever the hell you want to call it – the area that isn’t the East Side) after all: Madoff Trustee Irving Picard is suing the bitch for the $2.3 million the feds let her keep, claiming (d’oh) that she was in on the scheme the whole time. I’m all for it – leave her homeless and on the street, but if she wants a step up from that and maybe has some of Bernie’s old watches she can sell, or Madoff Investments paraphernalia, I’d suggest she look into what I used to call Pelenopor but which a reader has beautifully named NoPo – North of Post Road, of course. We got stuff here at prices that’ll knock your socks off, Ruthie. And if you can’t swing that, there’s always Chickahominy.

UPDATE: Here’s more on the suit from The Wall Street Journal. The Trustee’s looking for $44 million, claiming that regardless of whether Ruth knew about or participated in the scam, she benefited from it and lived “a life of luxury” on the proceeds. This theory should cause Walter, Monica and all the filly(ie)s sleepless nights because the Noel clan is, at best, in no better position than Ruth Madoff. Just like her, they say that they knew nothing and who can blame them for living large? But if  living a life f luxury on stolen proceeds is the test for restitution, do Round Hill cottages, villa’s in Mustique and $30 million yachts qualify? Why yes, I believe they do. Oh uh, Walt. Go, Irving!

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Walt, this may be your best hope

Madoff bankruptcy Trustee Irving Picard finally sued Fairfield Financial Group today, a development that even Monica’s publicist must have expected. But Walt, despite the harsh words we’ve traded, I think it may be time to bury the hatchet so that Frankie P and I can get rich and you can get busy making money to fork over to Irving. So here’s the deal:

I wrote earlier today that some defunct firm (was it FGG?) is offering trading desks for just $99 on Ebay. They don’t work for a rugged individualist like myself because the damn things are tandems, with two traders facing each other. But here at Putter & Fontanski we’re thinking of moving into stage two of our scheme – we’ve driven down the price of real estate by fraudulently reporting distress sales and claiming that they represent the going price, now we turn our attention to buyers and tell them that the bottom’s been reached and they should buy now! if they don’t want to lose out.

But who’s going to make all those awful cold calls to strangers, who’s willing to sit around dreary old Round Hill Club making small talk while simultaneously fleecing yokels? That, you wizard you, is where you come in. You don’t like cold calling either? Pull Monica off that dress making gig that’s going nowhere and she can work the phones while we prop you up at the RHC bar, mojito in hand, and use you as bait. I think it’s brilliant, and those desks are cheap enough that we can accommodate the Fabulous Five and their no-good husbands, too! What do you say?

UPDATE: Upon reflection Walt, we may want to set you up in a country without an extradition treaty with the US. Is Ireland too cold for you? ‘Cause I worry, see, that peckerheads like Picard are gonna keep asking you embarrassing questions that even you, old Bushy Brow, will have a hard time answering to anyone’s satisfaction. Like this:

Clients of Fairfield Greenwich had accounts valued at $7.3 billion when Mr. Madoff was arrested, about $60 million of which came from the firm and its partners. Internal documents show those investments had generated more than $500 million in fees since 2003 alone for Fairfield Greenwich, enriching a handful of the firm’s top executives.

The fees financed the increasingly expensive lives of the firm’s partners, most visibly for Mr. Noel, who divided his time between homes in New York, Connecticut, Florida and the island of Mustique, in the Caribbean — properties collectively valued at about $20 million.

As it raised money all over the world, Fairfield also made detailed pledges about how it would monitor and track Mr. Madoff’s investments.

The trustee’s complaint repeats the central accusation of other lawsuits: How could the firm have kept its promises to supervise Mr. Madoff diligently and still have missed all of the red flags in his operation?

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