Bernie Madoff was a bad tipper, says posh resorts staff

February 17th, 2009 - 2:27 pm ICT by ANI  

New York, February 17 (ANI): Bernie Madoff, who is under house arrest for running a 50-billion-dollar scam, has been dubbed as a one-dollar-guy by staff at a posh Montauk oceanfront resort.

The Wall Street fund manager, who was said to be a regular at Gurney’’s, allegedly held the reputation of being a bad tipper around the hotel spa.

“He won”t be missed. Bernie was strictly a buck-a-towel guy,” the New York Post quoted one employee as telling a source.

The 70-year-old was alleged to have conned many with Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.

Amongst many investors from all over the world who had fallen victim to his fraud included wealthiest woman in the world and heiress to the LOreal empire Liliane Bettencourt, Alicia Koplowitz, the Spanish billionaire and director Steven Spielberg. (ANI)

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