Bad enough that Walter Noel’s Fairfield Greenwich Group sunk under the waves with its investors’ money, now Picard is suing those same chumps for any money they got back before the great debacle.
Tag Archives: Walter Noel. FGG
The Bernie Madoff fraud Trustee has sent “claw-back” letters to Madoff investors who have received money from Bernie over the years, and those investors are hopping mad. Fair enough, though I’m not all that sympathetic with one “victim” who pulled out $440,000 of other people’s money and now resists paying it back, but what I’m really wondering is, has a claw-back letter been sent to Walter Noel? I mean, why chase down $20,000 in misappropriated funds when Walt’s Fairfield Greenwich Group made hundreds of millions of dollars? Yes Walt, I know, you were a victim too, but that doesn’t seem to count for beans with the Trustee or the applicable law. I’m looking forward to a number of new listings on Round Hill Road showing up son..
Pressure mounts on Madoff middlemen. Er, Walt? That would mean you, too.
The documents and Jaffe’s silence in the face of a barrage of questions by Massachusetts Secretary of State William Galvin illustrate the intensifying focus on middlemen and so-called “feeder-funds” that funneled investor money to Madoff.
“Galvin is taking a novel and aggressive approach to scrutinize the middlemen more closely and find out what they knew and when,” said Jay Gould, who heads law firm Pillsbury Winthrop Shaw and Pittman LLP’s hedge-fund practice.
“Ultimately he is looking if any of these middlemen committed criminal fraud,” added Gould, who once worked for the U.S. Securities and Exchange Commission. “Even being stupid could end up getting you a very severe penalty.”
When Galvin’s team asked Jaffe about commissions and other issues on February 4, Jaffe invoked the Fifth Amendment.
Jaffe has said he is as much a victim as anyone, telling the Palm Beach Post in December that while he earned 1-to-2 percent of an investor’s first profits in Madoff’s fund, he knew nothing about his “dark side.”
That sounds familiar.
Madoff feeder fund sues its auditors for not preventing it from doing something stupid. No, not Walt’s fund but that Darien group run by a Fairfield Greenwich alumnus. FGG made noises about doing the same thing to its auditors but has taken no such action. Not enough money to pay the legal fees involved, probably. I’m still looking for that yard sale at 175 Round Hill Road – any day now.