Walter Noel passed away on December 30, 2020, at the age of 90.
Walter Noel was a prominent figure in the financial world, best known for founding Fairfield Greenwich Group, an investment firm that became entangled in the Bernie Madoff Ponzi scheme scandal. Born on May 24, 1930, Noel had a long career in finance, which took a dramatic turn when it was revealed that his firm had significant exposure to Madoff’s fraudulent activities.
Fairfield Greenwich Group was one of the largest “feeder funds” to Madoff’s investment advisory business, having invested billions of dollars of its clients’ money. When Madoff’s Ponzi scheme collapsed in December 2008, Noel’s firm faced severe backlash and legal challenges. The scandal had a profound impact on Noel’s reputation and the financial well-being of his clients, many of whom suffered substantial losses.
In the aftermath, Noel and his firm became the subject of numerous lawsuits and investigations. Fairfield Greenwich settled various claims related to the Madoff scandal, including a settlement with the U.S. Securities and Exchange Commission and a separate class-action lawsuit brought by investors.
Despite the scandal, Noel was not criminally charged and maintained that he and his colleagues were unaware of Madoff’s fraudulent activities. The Madoff Ponzi scheme is considered the largest financial fraud in U.S. history, and its effects were felt by many, including Noel and his associates.
In his later years, Noel largely stayed out of the public eye. His passing marked the end of a complex legacy, one that was overshadowed by his association with one of the most infamous financial frauds in history.