There’s every reason to believe that after having been busted by the SEC in the early 90s for fraudulent fundraising, Frank Avellino and Michael Bienes went right on keeping on with ther Madoff activities. But how did they do it? We don’t think they were actually showing up at the Lipstick Building, and they certainly didn’t operate a faux-legitimate feeder fund, like Fairfield or Ascot, complete with prospecti and promises of unrivalled due diligence.
One possibility: They were working in concert with Madoff’s nephew David Weiner, the son of Sondra Madoff Weiner. A blogger at TPMCafe pored through filings at Sunbiz.org for Avellino and Bienes, and found that Avellino, Bienes and David J. Weiner were starting corporations with the same name.
Grosvenor Partners LTD. was registered to Frank Avellino in 1995. In 1997, Francis B. Brogan of Greenberg Traurig, became the registered agent for the limited partnership but in 2004, Avellino took over. The general partner is Mayfair Ventures G.P. which, like Grosvenor Partners, is registered to Avellino’s home address.
In a comment below, I linked to a NY Post story about Bernie’s sister, Sondra Wiener. In the Post story, it sounds as if one of her sons, David, was with his mother in Florida when the Post called.
According to sunbiz.org, a David J. Weiner has registered numerous investment vehicles with “Grosvenor” in the name. The managing partner in many of these deals is Halmish Management Corporation. The partnerships operate out of 2401 PGA Blvd, Suite 280 in Palm Beach Gardens. The address apppears to be an office suite because so many companies use it.
Coincidence that Avellino manages a “Grosvenor” partnership and someone with same name as Bernie’s nephew registers other “Grosvenor” partnerships and both parties live in Palm Beach County?
One problem with the idea that Weiner and Avellino and Bienes worked together is that Weiner’s own mother got scammed. It’s one thing to screw over your sister, but your own mother?
Madoff Scammed His Sister Too!