The Drake has uncovered a link between one of the Madoff sons and the investment group that recently purchased Abel reels.
If the “Madoff” name is familiar it’s due to Bernie Madoff slurping 50 Billion dollars in what’s considered to be the largest Ponzi scheme ever uncovered.
Most of the details of the Madoff scam have yet to be unearthed, but some accounts have the Madoff sons as being swindled along with the rest of the crowd. Investigators are tight lipped – and the fear is Poppa Madoff had to have accomplices to pull the wool over so many for so long.
In either case, if you’re a big fan of Abel – you may want to keep a close eye on developments, as they might vanish overnight. You may want to get a couple spools beforehand.
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Abel may have been purchased with tainted funds from Madoff’s Ponzi scheme. If so, the court will pull in that portion of the reelmaker and liquidate it to raise funds for the victims. That could result in the firm being put on the auction block.
If the Madoff sons helped Dad with the fictional account statements, they will have a long time to practice casting on the exercise yard in prison. From the looks of Mark’s nonexistent double haul, that could be a good thing.
Considering the news that Madoff never placed trades with the money, it wouldn’t surprise me that some of the missing 50B is Abel.
The plot sure is thickening.
First of all, this chump(Mark) couldn’t angle a sunfish out of a toilet bowl. This is evidenced on his youtube vid. Any happy dick that needs his guide to catch a spanish mack so he can reel it in is blatantly a beginner. Then, to put the rod in his mouth like a Dave Sutton wannabe…What a dork. Buy Tibor or Lamson or Colton reels, anything but an Abel. It aint what it used to be. Too bad, until the company is owned by the trust or recievers of the Madoff clients, you are supporting the Madoff family if you patronize Abel.
Abel is a well run company and hope they dont take it down and put alot of good people out looking for jobs. If anything keep the company whole and sell to the highest bidder and keep making the best reels ever…
It’s a nightmarish unwinding of convoluted finances that’ll dictate whether Abel is affected or not. The courts took the 80 million in assets from the wife (that she claimed were hers) – and is pursuing every link to the Madoff fortune including the brokers and banks they did business with …
I don’t think we’ll know for some time yet, so keep your fingers crossed.
It appears that it’s a case of “guilty until proven innocent” in their freezing of assets – Abel could very well be some odd collateral damage despite the purest of financing.
Time will tell.
If this thing unravels to the point where the Feds determine that some of “the” Madoff money was used to buy Abel………..they may go after Steve & Gina Abel personally to try and recover the tainted $. This would be a shame and completely unfair to the Abel’s who sold in good faith.