Remember Mike Sullivan? We learned last week that Avellino and Bienes, after they got busted for Madoff fundraising in the early 90s, used him as a front to keep shoveling cash to Madoff. That way they could keep on their work, without doing it directly on their name.
Well, after blowing all his clients’ money, Mike Sullivan actually spoke to them and “explained” what happened. Except he didn’t exactly explain anything. Instead he gathered 150 of them at a hotel to say… wait for it… “I’m a victim, too!”
South Florida Sun-Sentinal: On Friday, Sullivan and his attorneys would not comment, but people present at the meeting said the Fort Lauderdale resident was contrite and badly shaken. In an agenda given to all of the investors before the meeting, attorneys said “the managing partners and their families … have invested and suffered losses just as you have.”
Nearly all of the dozen people interviewed before and after the meeting said they believe Sullivan had been a victim and held no animosity.
And it’s a funny phenomenon we’ve noticed throughout this story — the victims of guys like Avellino or Mike Sullivan or people who were referred to Madoff by Bob Jaffe, they never seem to doubt the sincerity of them. They always seem to be the “I’m a victim, too” defence hook, line and sinker. And maybe Mike Sullivan is just a completely unwitting dupe who never question why two guys busted by the SEC were having him send ALL of this money to a guy up in New York. Maybe.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.