Many victims of Bernard Madoff (Bernard Madoff news), the incarcerated king of the Ponzi Scheme, have been frustrated at the lack of enforcement action against feeder funds like the Fairfield Greenwich investment fund, which was run by Walter Noel. He's well-known for parlaying his success piggy-backing Bernard Madoff into high society prominence. Vanity Fair even did a spread on the family.

But trustee Irving Picard has stepped up his war against these so-called feeder funds. He filed a complaint against Walter Noel and others who worked with him at Fairfield-Greenwich, including some family members. The complaint alleges Noel and his cronies collected more than $1 billion in fees despite knowing about Madoff's fraud for years and lying to investors. Noel's partner, Jeffrey Tucker, was accused of becoming "exceptionally wealthy" with "prized racehorses, private jets and luxurious mansions" due to what was described as the firm's "de facto partnership with Madoff," notes ABC.

Picard wants the fees, salaries and bonuses returned so they can be distributed to victims. The feeder fund denies the charges and repeated its assertion that it was victimized by Madoff like so many end investors.

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