Those marked by Madoff cannot hide…
Noel knows "no thing"
…or hide the stink. If you need payday loans because you lost money to him, I offer my condolences
Associates of Ponzi scheme mastermind Bernard Madoff are now finding themselves in the crosshairs with no place to hide. Jessica Pressler writes in the “Daily Intel” column of New York Magazine that Madoff feeder fund Fairfield Greenwich Group must face the backhand of justice.
Massachusetts Secretary of the Commonwealth William Galvin filed a complaint against Fairfield Greenwich Group, alleging that their “flagrant and recurring misrepresentations to its investors rises to the level of fraud.” But this is not a criminal complaint. And amazingly, the filed complaint doesn’t indicate that anyone at Fairfield “knew anything about anything.”
It all checks out!
Even though Fairfield Greenwich fed the Madoff monster $7 billion, they never took the time to know who they were sending it to or why. Perhaps it’s as they say in the Patrick McGoohan TV series “The Prisoner”: “Questions are a burden to others, answers are a burden to oneself.”
According to Pressler, all Madoff’s auditor had to tell Noel and his Fairfield Greenwich Group is that Madoff had “hundreds of clients” and was “well known in the local community.” Then Fairfield CFO Dan Lipton did his due diligence – he looked it up on the Internet! This is a prime example of the significantly “higher level of due diligence work” that’s made Fairfield Greenwich Group an agency worthy of a fraud investigation. They must be proud.
No need for alarm
What else didn’t they want to know? Well, Pressler fills us in there, too – Harry Markopolous:
The complaint says that Mr. Madoff coached Fairfield officials in 2005 on how to respond to questions from SEC attorneys who were looking into concerns voiced by Harry Markopolos, later credited with bringing information to the agency raising questions about Mr. Madoff’s operations.
When that much money is flying around, you need to ask questions. A lack of knowledge at the executive level is an intentional cover.
Related Videos:
Daniel Lipton was put in that position to commit fraud. He was installed there by his Uncle, Bill Lipton who was a partner at Earnst and Young and did the “Due Dilligence” on Madoffs fund for the first 20 years of the scam and then retired with millions giving his job to his nephew, Daniel Lipton. Anyone who knows his loudmouth Dad, Dr. Charles Lipton, (245 East 63rd NYC), already knows that “Danny is making millions doing nothing” “My brother handed him a living” Because that is what he has been saying for years. Daniel also bought his Dad the penthouse in the building over his dental practice with his ill-gotten gains, payback for Daddy and Uncle letting him in on the scam