Brooklyn’s Bernie Madoff Spent $40 Million on Shag Carpeting and Cheese Sandwiches


As rich as he was, Bernie Madoff wasn't exactly glamorous, with his Early Bird Specials and his china bull collection. But Philip Barry, a Brooklyn broker the Daily News is excitedly fingering as the Next Madoff, alleging that he funneled $40 million of investors' money into bad real-estate transactions, is even less fabulous: According to the paper, Barry worked out of a "shabby storefront filled with shag carpeting, tattered metal office furniture and a tiny black-and-white TV," is known for being "too cheap to buy a sandwich for lunch: Instead, he brought in packets of cheese and bread to make his own," and "still lives in the $700-a-month walk-up apartment on Fourth Ave. where he grew up." Also, he appears to be less evil and more an earnestly terrible investor:

"It's all in real estate," Barry said. "I'm going to keep on working to make sure everyone gets the profit they are entitled to."

Nice try, Brooklyn.

Madoff-like Ponzi Scheme Suspected of Brooklyn's Philip Barry [NYDN]