Tag Archives: Ponzi schemes
Thanks to the Greenwich Diva, here’s a new Ponzi scheme operating out of St. Vincents and, the Diva says, Mustique. More to follow as we dig around a bit.
Everyone wants to be a Ponzi artist. As the high water recedes and exposes what’s been just below the surface, we’re discovering new frauds every day – bad markets will do that. Here’s another $350 million (ho hum) scam. The guy was a crooked penny stock broker who went into “bridge loans” after his release from prison. His lawyer asures us that his client is working with the authorities “to allay investors’ concerns.” No mention of it, but perhaps he’s sharing Bernie’s penthouse as they work together to allay concerns. Or, of course, he could travel to either 175 or 202 Round Hill Road and work his magic there.
Hell, until yesterday, we’d never heard of this 75 year old scamster who took off after stealing millions. But now he gets his fifteen minutes of fame. I doubt Walt Noel will begrudge the youngster he attention – after all, matters Noel will be returning to the front burner soon enough.
While we wait for Walt, here’s more on Artie.
Oh dear: shots of Peg Nadel, Artie’s 39 year old wife before and after learning that her lover/husband was a crook. Such a shame.
Yet another money manager is on the lam. Gosh, we’ve already had a D.B. Cooper type, a fugitive Russian banker, at least two Ponzi schemes uncovered by the S.E.C., one focusing on Haitian -Americans the other on Catholic priests, and the market has only just started to crash! Imagine the fun as the receding tide uncovers these frauds by the dozens. Here’s the latest crook to take to his heels – I’d say he looks too old for a life of crime but Bernie Madoff’s 70 and Walt Noel will be 79 on his next birthday, if he remembers his next birthday. Of course, looking at that former beauty queen wife of Art’s, it’s possible he’s just run away with the counter girl from Dunkin’ Donuts.
Update: Here’s another one, in Idaho! This is getting to be really fascinating.
Peg Nadel and Art Nadel
Music credits: Sunday in New York by Ralph Moore, Who It Is You Are, Savoy Records