We’ve been completely convinced that Frank Avellino and Michael Bienes continued to direct client cash to Madoff after their ’93 bust. Between circumstantial evidence and reader tips, it’s fairly obvious, but Bob Norman’s latest report for the Broward Palm Beach New Times is the first media report to say explicitly. The SEC bust was barely a speedbump
Investors say Bienes and Avellino never stopped dealing with Madoff or raising money for the swindler’s fund. They simply steered some of those same investors — who were accustomed to Madoff’s famed 18 per cent returns — to Fort Lauderdale accountant Michael D. Sullivan.
According to Norman, Bienes has given off the impression that he’s a ruined man, who, like Madoff, has been holed up in his mansion trying to get over all the money he’s lost. People who know him think he might kill himself. Maybe. But if you just screwed all of your friends and favourite charities, including charities, out of their cash, would you not pretend to be at wit’s end yourself? Just asking.
However, here’s our favourite detail, which concerns the time Bienes and his wife spent in London:
Before they left for London, Dianne took elocution lessons to learn to speak with a British accent. At one point, both of them had their teeth capped with white “veneers.”
“They were these big, white Chiclet things — they could barely talk with them,” the source says.
Just like Walter Noel; with increased Madoff wealth, a ridiculous urge to wear the false trappings of the elite. British accent and all.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.