Sign of the Times.....
 

Wow... Now this boat is priced to sell..... Over 1 Mill$$ New.... GULP!!!!!!!!!!!:eek:

http://www.yachtworld.com/boats/2006.../United-States

That thing is sick! . . . . nice crib to :D


Thats gotta be a typo :eek:

if true, smokin deal for somebody

If I win the lottery tonight

Nice boat house is nice also

That is very hard to believe you could buy that for 300K. If it's true, someone is going to get a hell of a deal. I know I sure wish I had 300 laying around. That boat is gorgeous. So is the pad it's in front of.

Somewhere around 125 -150 hours for the rebuild...depending on how it was run... and if this is for real, the market is alot worse than anyone realizes or wants to admit.

Awsome, but I don't like the helmet on the deck. Always gotta find a fault!
Boat is beautiful! Wife even loves the portrait on the hatch!
Thats a smokin deal.

what about the 51 sportyacht that was on here a year ago at 350!!!!! it had 1075s

that 46 has got you're name written all over it...:cool-smiley-011:

Does the "shack" comes with it?

:party-smiley-004:

NIce boat...anyone want to bet the house is for sale too!

Hey Jay.... How smart are you..... Check this out.... Must be a Madoff deal or something.....:eek:

http://www.flahertywaterfront.com/pr...fm/hurl/PID=18

Now THAT"S a house !!!

And I'll let him keep the boat. :)

That is a pretty sick crib.....

Several 46's are out there for sale (Hideaway has 3 for sale including a brand new 07 46 850 boat (Vegas boat) that never sold.

If the guy is short on cash, the values are not rising as the snow melts like in a normal spring then it is the time for it to go at whatever price moves the boat. Cash in hand to a strapped individual is worth far more than whatever the book price promises to bring.

333K could pay the annual tax bill, the monthly utitlities and the interest only note for a few months on that mansion......

Holy Shikers..... that house is WILD!!!! lol.... I have one word for that guy..LIQUIDATION. Guys it can be ours for only 14 mill.

Look up an aerial of that location and it looks like a loonngg ride through no wake areas to open water. House 2 doors down just went up for 8mm last month. This 14mm one has been for sale over a year.

I WISH I was a rock star

Thats a sweet house but the way I move first thing in the morning I would kill myself on that little step up to the bed.

It's not all it's cracked up to be

That boat is just spectacular for that price. I'd be all over it if I didn't have more important things like a house purchase to deal with. I'd get Merc to upgrade the 850's to 1075's at the next service and call it a day.

Gorgeous boat at an awesome price. I feel bad for the guy, to be honest.

if it was 06 again it would be mine:rolleyes:

im not where i was with a cavilier attitude towards $$$$

Thats not a house its a PALACE, boat forsale, house forsale, probably a pro sports player who just got WAY over extended.

Wrong coast to get clipped by Madoff, but who knows.:eek:

In the engine compartment there are what kind of looks like mesh screens outlined in white. What are those?

I thought the same thing about that step up, but I know my wife would not care as long as I had mortgage insurance on that castle...

Decorations would be my guess....Think of the kids toy lite-brite when the screen surface is backlit and the design on the screen gets lit up/ projected in the engine compartment...

Love the new avatar Dollabill.

I would guess one of those Hedge Fund a$$ clowns, you know live like that off other peoples money loose it all then either kill them selfs or go find a way to scam again instead of getting a job and earning it. I guess thats what a $100k college education will get you.

They have their own Madoff over there except he has fled the area..... Arthur Nadel:


TAMPA - The Securities and Exchange Commission filed suit in federal court against missing Sarasota hedge fund manager Arthur Nadel and his business entities, accusing Nadel of committing fraud by deceiving investors and funneling their money into secret bank accounts.

A federal judge granted emergency motions from the SEC, appointing a receiver and imposing a restraining order to stop the fraudulent activity. A hearing was scheduled for Feb. 4.

Nadel recently transferred $1.25 million from the investment funds into a secret bank account, the SEC complaint states.

According to the SEC filing, Nadel and his companies have "materially misrepresented" the value of the hedge fund assets. "For example," the complaint states, "the Hedge Funds' internal books and records – used to provide false account statements to investors – indicate the value of their assets exceeds $300 million. In fact, the actual value of the Hedge Funds' assets is only about $506,000."

The complaint states the value of the funds were misrepresented to investors in false account statements directed by Nadel.

One Virginia investor who invested in the Victory IRA Fund, the complaint states, received a statement in October stating his investment was valued at $599,551.55, and the next month's statement valued his investment at $602,965.39. The investor made a second investment through another account with the same fund and received October and November statements valuing that investment at $172,354.07 and $173,335.45.

The actual total value of the entire Victory Fund's holdings was $2,938.86 at the end of October and in November, according to the SEC filing.

The same investor and his wife made other investments through Nadel's holdings, according the the complaint, which states those values were also misstated.

U.S. District Judge Richard Lazzara wrote in an order that the SEC had established "a reasonable likelihood Nadel will harm the investing public by continuing to violate federal securities laws unless immediately restrained." He also found "good cause to believe that unless immediately restrained and enjoined by order of this court, Nadel will continue to dissipate, conceal or transfer" his fund assets.

The Sarasota County Sheriff's office has said it believes the 76-year-old Nadel planned his disappearance before he was scheduled to give investors a $50 million payout on Jan. 15.

Education is not a bad thing and hedge funds are legitimate but had a higher level of investing freedom than a traditional mutual fund. Some of the guys pinched recently are just plain thieves/ con men. Remember thieves come in all shapes and sizes with different methods (guns vs. computers) and can have different levels of education.
This guy was a legitimate accountant and he just plain stole the 30mm from the Reebok founder:

Palm Beacher sues accountant over $30 million

By MEGAN V. WINSLOW

Palm Beach Daily News

Sunday, January 25, 2009

PALM BEACH — Reebok founder and Palm Beach resident Paul Fireman has filed a lawsuit against his longtime accountant, claiming the man stole millions of dollars from him and his charitable foundation for the homeless through fraud, racketeering and conversion.

During the course of Arnold P. Mullen's employment, he and his associates illegally used more than $30 million from Fireman, Fireman's management company and the Paul and Phyllis Fireman Charitable Foundation in Massachusetts to make millions for themselves, according to the lawsuit, filed Friday in Palm Beach County Circuit Court.

Fireman, 64, is seeking damages and an emergency injunction against Mullen, 61, and his associates to prevent them from disposing of property gained through years of unsanctioned investments and money transfers, according to the lawsuit.

Multiple phone calls made Friday and Saturday to Palm Beach County homes owned by Mullen and co-defendants Geoffrey Mullen, his son, and Lennard J. Kligler, his business partner, were not returned.

Fireman's attorneys issued a statement Friday afternoon. "Arnold Mullen was seen as a trusted advisor and friend for almost 25 years while he systematically stole more than $25 million from the Fireman family and their charitable foundation," attorney G. Joseph Curley wrote in an e-mail. "His brazen theft was a terrible betrayal of the trust Paul Fireman placed in him."

According to the lawsuit, Fireman hired Mullen in 1985 to run PFP Associates, a Palm Beach Gardens management company formed to handle Fireman's investments and business activities.

Fireman paid Mullen "handsomely" for his work: more than $800,000 a year plus bonuses based on investment performance, according to the lawsuit.

It was only in November that Fireman began questioning the accountant's character. That's when Fireman learned of a lawsuit claiming Mullen defrauded several investors of millions of dollars by making false representations regarding the development of a Utah ski resort and by using their money to repay his personal investment in the project, according to Fireman's lawsuit.

A subsequent formal audit of PFP uncovered unsanctioned financial transactions and investments Mullen made with Fireman's money to benefit himself, his family and Kligler, according to the lawsuit.

The lawsuit claims Mullen's unlawful activities include wiring $4.5 million from PFP's business account in 2006 to buy a Lake Worth apartment complex through Esperanza LLC, a West Palm Beach company he and Kligler manage, and Waterfall Associates LLC, a Palm Beach Gardens company he and Geoffrey Mullen manage. When the property fell into foreclosure, Mullen transferred another $13 million to obtain mortgages on it.

"Neither Fireman, nor the Fireman Foundation, had any knowledge of these transactions, nor were they authorized or for the benefit of the Fireman Foundation," according to the lawsuit. "When recently confronted about his actions, Mullen admitted to taking the funds without authorization."

Mullen created a Florida partnership between himself and Fireman called Forum Partners, of which Fireman owned 95 percent and Mullen owned 5 percent, and then used the partnership to transfer millions of dollars from PFP to his personal account or to make various unsanctioned investments, according to the lawsuit.

According to the lawsuit, the accountant also used Fireman Foundation funds to grant various low-interest loans totaling almost $12 million, forged Fireman's signature to invest in IPOs for various banks and altered financial records to try to sell more than 100,000 acres of Nevada ranch land both he and Fireman owned through their controlling interest in a company.

When confronted about some of the accusations, Mullen returned some of the money owed and admitted either his "guilt" or that he "made a mistake," according to the lawsuit.

Fireman is suing Mullen for conversion, fraud, breach of fiduciary duty and breach of duty of loyalty. He is suing Mullen, Geoffrey Mullen, Kligler, Esperanza LLC and Waterfall Associates LLC for unjust enrichment.

In 2006, Fireman made the Forbes 400 Richest Americans list at No. 374 with an estimated net worth of $1 billion.

Okay. Question.

With all of these scams/schemes coming to light, how much of the Stock Market gain was real when it hit 14k?

Between the companies busted for accounting scams, and the individual returns not worth the ink cost, how much was just a vapor trail?

It sure seems everyone was scamming everyone, top-to-bottom.

Yep, thats why when I invest it's in a house that is on my way to and from work or in my hood so I can keep an eye on it, my brother and I do the work to fix it up then I sell it. I'm sure lots of people make big money in the market but it aint for me, I need to see and touch my money plus I don't want to go to jail because if somebody took my money I would hunt them and kill them like I was filming Pulp Fiction 2.

sweet ride