From Mad Cow Morning News :
2 April 2009
by Daniel Hopsicker
"The history of men is reflected in the history of sewers. Crime, intelligence, social protest, freedom of conscience, thought, theft, all that human laws have prosecuted was hidden in this pit." Victor Hugo, Les Miserables
A hedge fund partner of accused Ponzi Fraudster Arthur G. Nadel, the current owner of what used to be terror flight school Huffman Aviation, was well-known in the New York Tri-State area as the “Garbage King of New Jersey,” the MadCowMorningNews has learned.
Louis D. Paolino is also involved in the scandal around the American-registered DC9 from St. Petersburg FL busted on April 11, 2006 in Mexico's Yucatan, carrying 5.5 tons of cocaine.
In 2004, Paolino took a $6 million unpaid loan from Argyll Equity LLC., the major investor in SkyWay Aircraft, the company that owned the DC9.
Terrorist ringleader Mohamed Atta probably never met anyone named “Fat Pete” or “Joey Cakes” while learning to fly at Huffman Aviation at the Venice Airport.
But ever-mounting evidence points to the conclusion that the men who owned the flight school—both then and now—have more than a passing acquaintance with organized crime.
Troubling questions about yet another "lone gunman"
Nadel's decade-long fraud was discovered at almost the same time as Bernie Madoff's orders-of-magnitude-larger Ponzi scheme. A half-dozen others have since followed.
There appears to be a sudden epidemic of multi-million (and billion) dollar Ponzi fraud. Did someone yell "Olly olly oxen free!" in a voice that can only be heard by 'elite deviant' members of America's new "Masters of the Universe' class?
While Federal investigators pore over the self-proclaimed "Mini-Madoff's books, there are troubling questions emerging over Federal prosecutors "lone gunman" theory about how the dorky Sarasota socialite managed to steal $350 million from investors.
Art Nadel, an unprepossessing piano player in hotel lounges, was somehow able to maneuver himself into a position where he could reach into other people's pockets—deeply and at will—and relieve them of what was, in too many cases, their life's savings.
Did Art Nadel do it all on his own? Indications so far point in another direction.
“Local philanthropist” was the label often applied to Nadel by the local Sarasota Herald-Tribune.
“Mobbed-up Sarasota businessman" might be a more accurate description.
Hopes for ash dashed.
We learned of Louis Paolino's involvement in Art Nadel's hedge funds in a Sarasota Herald-Tribune story announcing that Paolino has filed suit against two of Nadel fund managers. Paolino, said the Herald-Tribune, (allegedly) lost his entire investment of (allegedly) $5.6 million.
Only the Herald-Tribune didn't put allegedly in front of Paolino's claims, although given the information about his history of lawsuits, which we will take up shortly, they undoubtedly should have.
Nor did the Sarasota Herald-Tribune story bother to trouble their readers with any information, all easily available, about Paolino's highly-colorful background.
A brief description of what the Herald-Tribune omitted:
Without a doubt the one event in Lou Paolino's checkered career for which he will be remembered for his entire life was the infamous Khian Sea garbage barge, which spent almost two years in the news as it sailed around the world looking for someone to take its load of toxic waste.
The man who owned the barge was Louis D. Paolino. He received funding from Argyll Equities LLC, which also invested in the Kovar Crime family of business fraudsters at St. Petersburg FL's SkyWay Aircraft, owners of a DC9 they kept at the Clearwater-St. Pete Airport which would be busted carrying 5.5 tons of cocaine.
"The cursed cargo of the Khian Sea," as it became known, was so toxic that even New Jersey refused to accept it.
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