War On The Beach With Wall Street
War on the Beach With Wall Street is a look back to late 2007 through the end of 2009, at the time of the largest financial market crash since the 1929 Depression, " The Great Recession." This book is about a Florida Financial Adviser, Andrew Neff, who had recently acquired a new widowed client. This was not just any client, her deceased husband who was killed in a Ferrari car wreck in late 2003, which was not investigated for foul play, had recently sold two riverboat gambling casinos for 179 million dollars. He also owned and ran one the largest and most successful road construction companies in the Country at that time.
Andrew Neff who identified and understood all the signs of a serious market implosion due to the repeal of the 1933 Glass-Steagall Act , approved by US Congress and signed into law by then President Bill Clinton in late 1999, and with the Federal Reserve aggressively raising interest rates into this economic environment, surely spelled economic disaster for the US and World markets.
This financial white collar crime thriller takes any reader through the complicated maze of helping a wealthy widow comprehend what was about to happen in our economy, but also enabled the client to avoid $20 million dollars of avoided market losses right before the crash but that's not the best part of this story.
The client owned LLP's to the tune of $5 million that were invested in off shore accounts in the Cayman Islands with Morgan Stanley. Through Mr. Neff's investigation these investments could not be identified as to their asset class and 12 % per year annual fees charged to the client.
These Assets were held as a Madoff Feeder Fund that would have disappeared from the client's Net Worth statement, were sold three months prior to Bernard Madoff being indicted, then arrested for running the largest Ponzi scheme in history.
In 2011, Bernard Madoff's accountant Frank Avellino was in trial when his attorney Gary Woodfield Esq., stated under oath "My client lost $50 million in this deal. There was not one investor who was able to get out before the scam was uncovered." It was also posted on May 18, 2011 by the Inquirer and Mirror was reported by Jason Graziadei and quoted by Gary Woodfield esq. in trial "...you can't hold him to some higher standard, that he should have perceived or detected that there was some massive scam going on when no one else in the entire world detected that."
Well Mr. Woodfield, you were not correct.
Yours very truely