Daily Archives: October 29, 2009
A reader sent along a link to this story which encapsulates Walter Noel’s career. It’s pretty much a recap of what we already knew but isn’t it fun to stroll down memory lane? And there’s this:
Fairfield Greenwich investors believe that Walter Noel along with his foreign born son-in-laws have stuffed hundreds of millions of dollars into accounts in offshore tax havens, possibly in the Caribbean, South America and Europe. The lawyers representing Greenwich Fairfield investors say that these offshore monies could prove tricky to recover. However, one attorney close to the defense team of Walter Noel, says the belief is that Noel could be indicted in England on money laundering charges.
Walter is now keeping a low profile, as people avoid him and there has been at least one public verbal attack. Monica looks washed out, but supports Walter and tries to keep up his spirits. Youngest daughter Marisa has declared that she had been poor and is prepared to be poor again. In the meantime, Fairfield Greenwich is the target of a number of lawsuits, including a class-action suit filed by angry investors in U.S.On December 19, 2008, a class action lawsuit filed in the New York State Supreme Court by Pasha and Julia Anwar accuses Fairfield’s fund managers of failing to manage the investors’ money with due diligence, leading to “avoidable losses” from Madoff’s firm. The investors also attack Fairfield for reaping “unjust” fees.
On March 30, 2009, a Connecticut judge temporarily froze all of the personal and real property assets of Walter Noel, Jeffrey Tucker, and Andres Piedrahita, all involved in a lawsuit filed by the town of Fairfield’s pension funds. The lawsuit accuses six investment firms and ten individuals of acting criminally when they encouraged institutions and individuals to invest money with Bernard Madoff. The suit includes three people who are principals of Fairfield Greenwich Group, Walter M. Noel, Jr., Jeffrey H.Tucker, and Andres Piedrahita.
What gives with these guys? Picking a fight with Fox might be explained as an appeal to their lefty base, but Edmund Cars? Are you kidding me? The country’s got 10% unemployment, Obama wants to remake the medical industry, take over the economy and pick up his Nobel Prize in Oslo and he thinks it’s a valuable use of his resources to go after a used car web site? This is so crazy that even fans of the man ought to be worried.
Stocks soar, “It’s Waterloo for the bears”. Take your pick, politics, houses or stocks. I’m a contrarian by nature and when the same idiots who brought us Y2K, BioTech, Dot.Com and Collateralized Mortgage Obligations start yelling about a bull market, I punt. Your opinion may differ.
UPDATE: Mongo have great pain between ears. According to this guy, traders he spoke with today insist that we’re seeing suckers rally and the market will drop off a cliff next week. So the contrarian should buy against that sentiment, right? I’m sticking to real estate.
Absolutely nothing of significance to report about Greenwich real estate today – that one pathetic sale on Woodland, and that’s it. Period. I’ve been running around all week, busier than I have been all year, and have one deal closing next week, another one going to contract, I hope, and a number of good offers pending responses. I’ve even been involved in two bidding wars this week, a phenomenon not seen much in the past two years. I’m obviously not the only agent with eager buyers – the bidding wars show that – so what’s with the lack of contracts? It’s quiet out there, sergeant – too quiet.