For some people, Walter Noel had "made it" when he and his "five stunning daughters" were featured in Vanity Fair under the headline "Golden in Greenwich." His fortune and social standing were built on his ties to Bernard Madoff. His Fairfield Greenwich Group basically existed to place investor money with Madoff's firm.

The group is now out $7.5 billion, making him the biggest loser in this sordid affair. You have to wonder how this could happen. The New York Times notes a consultant who was hired by a fund two years ago, to look into Fairfield returns and found that it was "statistically impossible to replicate them." 

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