04/01/09 Madoff paid fees to Greenwich resident Walter Noel that were far above normal and demanded an unusual amount of secrecy

Walter "Feeder Fund" Noel intentionally ignored red flags

Affidavit: Madoff associates knew of scheme, joined anyway
CNN International

Associates of convicted Wall Street swindler Bernard Madoff knew he was scamming his clients but joined in anyway because of the big money they could make, a securities investigator testified in a sworn affidavit for a Connecticut court.

The testimony by investigator Edward H. Seidle on Tuesday came as a Connecticut judge froze the funds of Madoff and several of his business associates as part of a lawsuit filed for members of a city's retirement fund who say they invested with companies linked to Madoff.

In his affidavit, Seidle said Madoff's associates -- specifically the so-called "feeder funds" that handled money for Fairfield, Connecticut's retirement plan -- should have known that he was cheating his clients.

"It is my opinion ... that [the funds and their principals] were all aware that Bernard L. Madoff was engaging in illegal conduct in connection with his purported money management operations and intentionally chose to participate and support Madoff's illegal conduct in order to reap enormous illicit financial benefits," he stated.....

....Similar freezes have been ordered by judges in other suits by the roughly 4,000 alleged victims of Madoff's $50 billion Ponzi scheme.

Seidle said the people who ran the funds appear to have intentionally ignored red flags about how Madoff worked that anyone with their level of expertise would have noticed.
He noted that, for years, fund managers with similar levels of training and experience had been suspicious of the amount of money Madoff had been able to earn and had avoided working with him......

PLEASE SEE:

Court freezes assets of Madoff's family and feeder vehicles
Wealth Bulletin
The order also applies to Fairfield Greenwich Group, Tremont Group and Maxam Capital Management, and their current or former leading executives, ...

PLEASE ALSO SEE:

03/30/09 If You Want The Latest Greenwich News Read The Connecticut Post -- Town Of Fairfield Is Comming After Walter Feeder Fund" Noel's House

03/30/09 The Noel's are not like you and me -- Or -- The greedy will always be with us. ...

MORE INFO:

03/11/09 HERE COMES THE JUDGE: Walter "Feeder Fund" Noel May Soon Be Listed As A Bernard Madoff Co-Conspirator By The Department Of Justice

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