Walter Noel's Daughter Apparently Failed To Get Bernie Madoff's Advice On How To Run A Scam For Years Without Anyone Catching On


Remember Marisa Noel Brown? She's the youngest daughter of Fairfield Greenwich Group founder Walter Noel, whose role in the Madoff scam resulted in the family being kicked out of their country club and being forced to sell their share of a private jet. As her husband was a FGG employee at the time the shit hit the fan back in December 2008, and would likely find it difficult to find a position at a new firm what with the taint of his father-in-law-/Madoff, it appeared lucky that Marisa had started a jewelry company with her friends several months prior, which meant she could not only provide for her children, but provide hope that the Noels could again one day be known as successful, hardworking businessmen and ladies. Which is why this lawsuit claiming MNB and her partners's model was to buy jewelry from well-known designers and then sell it as their own is not helping things.

In the Manhattan federal court suit, Sydney-based Dinosaur Designs -- whose award-winning pieces have been featured in museum exhibitions -- claims Brown's Tre Labs bought necklaces and bracelets at Dinosaur's New York store on Elizabeth and Prince streets and shipped them off to China to be copied. According to the suit against Tre, the purloined jewelry pieces included Dinosaur's "Wishbone" cluster necklace and "Boulder" and "Moon Rock" bangles. The retail price for Tre's knockoff Boulder bracelet was $75 to $90, compared to $125 to $370 for the real Dinosaur item. Tre re-christened the $200 Wishbone necklace the "Uma" and priced it at $125.

In February, Dinosaur execs were stunned when they visited the Coterie trade show at the Javits Center and spotted Tre's sales rep, Cynthia O'Connor and Associates, taking orders for several Tre pieces that were really "unauthorized copies of [Dinosaur's] copyrighted works." Court papers allege that Brown's pal Lanaro, or someone representing her, made several trips to the Dinosaur boutique between Dec. 6 and Dec. 9 last year, buying up several hundred dollars worth of Dinosaur's unique, hand-smoothed pieces. The items were paid for with Lanaro's credit card.

Sorry, but no one (no names: Bernie, dad) ever said that credit card statements could be used as evidence in Illegitimate Businesses 101, so this suit should be thrown out.

[NYP via Daily Intel]


Former Madoff Employee Pleads Guilty To *A* Madoff Securities Scam Just Not *The* Madoff Securities Scam

You know what has got to suck? When you decide to start charging stuff that doesn't fall under "business expenses" to your corporate card and engage in a few other amateur hours scams that probably wouldn't have been found out (or, if discovered, not taken to the authorities because your boss had high tolerance for fraud) but then they are because the CEO of your firm had to go and engage in the largest Ponzi scheme on record, which shone an uncomfortable light on company personnel and all of the cheese, popcorn, and salsa of the month clubs you joined (for example).  Craig Kugel knows what we're talking about. The son of a longtime trader for convicted Ponzi scheme operator Bernard Madoff pleaded guilty to conspiracy and other criminal charges Tuesday, but denied any involvement in the decades-long fraud. Craig Kugel, the son of David L. Kugel, a former supervisory trader in Madoff's proprietary-trading operation, admitted to filing false forms that claimed people were on the Madoff payroll when they didn't actually work for the firm and to not declaring as income personal expenses charged to the firm's corporate credit card. Those individuals were paid salary and benefits, but weren't actual employees, he said. "I am sorry for my lapses in judgment in committing these federal crimes, but I want to make clear I had nothing to do with the Madoff Ponzi scheme and I was never involved in the Madoff trading operation," Craig Kugel said at a hearing before U.S. District Judge Laura Taylor Swain in Manhattan. Ex-Madoff Employee Pleads Guilty to Conspiracy [WSJ]