Rich Palm Beach Country Club Members Freaking Out Over Madoff

And there are some very rich members there. One of whom is Nelson Peltz, who built up Snapple.

Palm Beach Post: “He’s a member of the Palm Beach Country Club and we had neighbouring boat slips,” said former town councilman Norm Goldblum. “I never invested with him, so I don’t know how he operated. I’m very conservative and I stuck with municipal bonds.

“But I know a lot of club members and people on the island gave him money.

“With me, he kept to himself. I had my business, and he had his.”

The country club traditionally has catered to Jewish families, including some of the town’s richest people.

“At one point, he was the favoured broker of Palm Beach,” said another club member who ask that her name not be used. “Every big guy was his client. I’ve received dozens of calls about this today. There are a lot of people who lost a whole lot of money with this guy. But no one will admit to it in public.”

Madoff’s wife Ruth is listed as the official and sole owner of the couple’s mansion on North Lake Way. The Madoffs bought the place in 1967 for $79,000, according to country records. It’s now appraised at $9.3 million.

Charged with securities fraud, Madoff was released later Thursday on $10 million-bond guaranteed by Ruth.

According to Bloomberg.com, the Bernard L. Madoff Investment Securities had $17 billion in assets under management in November. Authorities are trying to figure what’s left. Word on The Island is that it could be as little as $2 million.

 

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