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Madoff's Man

Fort Lauderdale multimillionaire Michael Bienes never cut ties with Bernie Madoff — even after the SEC shut him down.

A A A Comments (5) By Bob Norman Thursday, Jan 22 2009

...continued from page 2

"You want to know how it feels?" Stefanelli says. "How does it feel to be a rich, wealthy millionaire one day and the next day you have nothing or next to nothing?"

The 76-year-old Stefanelli also invested his children's money with Madoff, whom Bienes arranged for him to meet at the swindler's New York office in 1992 after the SEC action. He invested directly with Madoff, whom he says deserves to be treated like a murderer rather than allowed to stay out of jail on bond.

miamiarchdiocese.org

Archbishop John Favalora awards Michael Bienes the Star of St. Gregory, signifying his knighthood in the Catholic Church.

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"My sons want to kill me right now, but my daughters are a little more understanding," he says. "My wife is ill, and I don't have much left. I have some property, but that's not easy to sell. I have enough for a few years, and I don't think I'll last much longer than that."

Through it all, he has faith that Bienes didn't knowingly lead him to desolation. But like everybody else, he can't be sure.

Contact the author:

Bob.Norman@BrowardPalmBeach.com.

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Tellthetruth 06/22/2011 2:46:00 AM

Alot of new information has surfaced since this piece aired over 2 years ago. It is now clear that Avellino and Bienes were the original feeders into this fraud, likely engineered it and grew fabulously wealthy from it. Of note, when the SEC investigation began back in 92 Avellino and Bienes admitted to keeping "no records" and when the judge called for an audit. Frank Avellino's retort was "I am not a cash cow and I will not be milked" and the audit and investigation were miraculously called off with the help of Ira Sorkin, their attorney, who was a friend and investor of Madoff's who once ran the SEC's New York office. Since then Bienes got his investors to reinvest with Madoff and he and Avellino were then given side payments of 1-2% of assets under management as a courtesy. Bernie referred to these payments as "schtupp money" paid to keep these two scumbags quiet. The trustee in the Madoff matter has since sued these two complicit criminals for over 1 Billion dollars in an attempt to recover both principal and profits. Avellino and Bienes are two of the worst shameless thieving lowlives on the face of this earth. They should be fully disgorged and the DOJ should pursue criminal charges against the both of them.

A friend 04/06/2009 1:01:00 PM

Michael and Dianne Bienes are thoroughly delightful people who are being most unfairly attacked. They would not have invested their own money with Madoff and put their lifestyle and home at risk if they had known of the fraud that Mr Madoff was orchestrating. Those who attack Michael and Dianne now should be ashamed of themselves. The good that this couple have done in both the US and Britain is most impressive and I'd challenge those of you making such negative remarks to do as much for the arts and healthcare as this couple have done.

Broward Working Stiff 01/22/2009 1:43:00 PM

Another corrupt Trustee at Nova Southeastern University. I say treat him just like they treated the landscapers and janitors at Nova. Kick him out on the street and have no sympathy for him. What goes around comes around. First Zachariah Zachariah being indicted for insider trading and now Biennes. What Trustee will be next? Wait and see, there is more to come. Nova's heiracy is full of corrupt people and they all need to be taken down.

Broward Working Stiff 01/22/2009 1:43:00 PM

justseekingtruth 01/21/2009 5:58:00 AM

Those who doubt Bienes would knowingly steer them, his own "friends" into a Ponzi are being terribly naive. Bienes' modus operandi was always to collect pools of money for Madoff and to take a hefty profit for himself. He kept things juiced by throwing wildly extravagant parties for his "friends" who were actually footing the bill themselves! This narcissistic scoundrel and his enabling evil spouse were incapable of having any real friendships. The Bienes' treated other human beings merely as objects to be profited from or in the case of the Catholic church and other charities to serve as a source of narcissistic supply who lauded them with knighthood and brass placques, testimonials and positions on boards of trustees.They are pathetic pathological liars, empty shells ready to crack. After they have lied for so many years are we now to believe them when they claim they have been ruined along with the other victims?