UNITED
STATES
DISTRICT
COURT
SOUTHERN
DISTRICT
OF
NEW YORK
"""""'-"""---------------------x
SECURITIES
AND EXCHANGE COMMISSION,
92 Civ.
Plaintiff,
:
: CONSENT OF AVELLINO INJUNCTION EQUITABLE &
-against: :
BIENES TO ORDER OF
PRELIMINARY AND OTHER
RELIEF
AVELLINO 6r BIENES, FRANK J. AVELLINO, MICHAEL S. BfENES,
and :
Defendants.
"""'--------------------------------x
I.
purpose of
Defendant
settling
Avellino
this
6t Bienes
("AfB"),
Injunction
solely
and
for
Other
the
Preliminary
Equitable
allegations
Relief,
and without
in the
admitting
Complaint
or denying
of plaintiff except
any of the
Securities
contained Commission
and Exchange jurisdiction,
annexed order
(nCommission"), read
as to the terms
Relief
and having
of Preliminary
and understood
Injunction and
of the
other
("Ordern), it,
over
admits
the
service
of the Summons and Complaint jurisdiction of this
upon Court
appecp~ Clnd admits
it
the in ~ersonam of this
jurisdiction
Court
over the subject
matter
annexed
of--~h~~ action,
Order without
and hereby consents
further notice.
to the entry of the
MADOFF
EXHIBITS-03085
2.
Defendant
AtB agrees
that
this
Consent
shall
be
incorporated
Order to be
by reference
entered against
in and be made part
it.
of the
annexed
3.
from the
Defendant
annexed Order.
AtB waives
any right
it may have to appeal
4.
Defendant
AtB enters
into
this
Consent
voluntarily
and
acknowledges that
officers,
Consent.
no tender,
or
offer,
promise or threat
in consideration
of any kind
members,
of this
has been made by plaintiff
agents
Commission or any of its
representatives
5.
Defendant
A6tB further
'acknowledges
that
a violation
of
any of the in contempt
sanctions.
terms
or provisions Court
of the
annexed it to
Order civil
may place and criminal
it
of this
and subject
6.
Defendant
AfB further
acknowledges
that
it
has
been
informed
and understands discretion,
any information
that
plaintiff
Commission, or grant
gathered
at to
its this
sole
and exclusive
matter, or
may refer
or evidence
access
in
connection
therewith
appropriate this
or derived
civil,
therefrom,
administrative
to any person
or criminal
or entity
jurisdiction. that no
so as
having
In
conn·dPtjolll
defendant
regarding
ACE acknowledges
the
this
represent~o~induce it ~t~6; enter
above
Consent.
have
been
made
to
into
7.
Defendant
A6B further
acknowledges
that
it
has
been
informed
that
plaintiff
Commission
has
not
waived,
and does
not
MADOFF
EXHIBITS-03086
waive, (a) civil
its
its civil
rights action or
to
commence, or civil
at or
its
sole
and
exclusive
option:
any
criminal
contempt against
as
proceedings, defendant
a result
action
agents,
administrative
employees
proceedings
and attorneys
A&B,
of.this
servants,
matter; defendant
Complaint. 8. that this
action
or
(b) Af8
any arising
further from
proceedings or related
or to
action facts not
against alleged in the
Defendant the action
the
A&8 waives Jeopardy any
any
right the action,
it
may relief or
have
to
assert to criminal in
under civil
bars
Double bars
relief
Clause, criminal
to
consented that any
consented
in
this
action.
9. upon matter, deriving depositions, proceedings 10. embodies 11. his
Defendant counsel, and any Ira
A&8 agrees Lee Sorkin, or
to
accept by mail in
all with
process respect
by
service to this or
proceeding including trials
actions process or other
connection to or
therewith any
therefrom, hearings, or
relating court
administrative
investigations. AtB further acknowledges of that the the that parties. annexed Order may be this Consent
Defendant the entire
understanding ALE agrees
Defendant
presented
without 12.
by the
fur~ther Defendant
Commission
notice. ALE
to
the
Court
for
signature
and
entry
consents
that
this
Court
shall
retain
jurisdiction
of
this
action
for
the
purpose
of
implementing
and
MADOFF
EXHIBITS-03087
enforcing
purposes.
the
terms
and
conditions
of
the
annexed
Order
for
all
Avellino
& Bienes
By:
~k_&9, · -C~-~e~
Frank General J."Avellino Partner
Michael
General
S.`
Partner
Bienes
State County
of of
New York New York)
)
) ss.:
Onthi$~day ofA1~Pnal,1992,before meperponally
appeared known to Frank J, Avellino and Michael be the persons who executed S. the Bienes, foregoing to me known Consent. and
Public
~4dnl ~b~cr, ~i ~pr~khL~ ~b· 31~4505 coU~ Qua I~jbt
~
b~~ AAI~J a4~LA~~QJI~
~lff APII
i99
MADOFF
EXHIBITS-03088
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
""""""""'"'""""""'------X
SECURITIES
AND EXCHANGE COMMISSION,
92 Civ.
Plaintiff,
:
: CONSENT OF FRANK J.
-against: :
AVELLINO TO ORDER OF
PRELIMINARY INJUNCTION AND OTHER EQUITABLE
RELIEF
AVELLINO & BIEEIES, FRANK J. AVELLINO, MICHAEL S. BIENES, and :
Defendants.
"-"""""-'------------------------x
i.
Defendant
Frank
J.
Avellino
(nAvellino#),
solely
for
the purpose
of settling
this
Application
for Preliminary
Injunction
denying
and Other Equitable Securities
Relief,
contained
and without
admitting
of
or
any of the allegations
in the Complaint
plaintiff
except terms
and Exchange Commission ("Commission"),
and having of Preliminary admits read and understood Injunction the service the Order and Other of the
as to of the
jurisdiction, annexed Order
Equitable
Relief
("Order"),
Summons
DerElOnaa:~ion
~1Qint
upon him, appears
of this Court over
and admits
the in
jurisdiction
him and the
of this
consents
notice.
over the subject
to the entry of the
matter
annexed
of this
Order
action,
and hereby
without
further
MADOFF
EXHIBITS-03089
2.
Defendant
Avellino
agrees
that
this
Consent
shall
be
incorporated
Order to be
by reference
entered against
in and be made part of the annexed
him.
3.
appeal the
Defendant Avellino
annexed Order.
waives any right
he may have to
4.
Defendant Avellino enters into this Consent voluntarily offer, promise or threat of any
and acknowledges that no tender,
kind has been made by plaintiff
officers,
Consent.
Commissionor any of its members,
in consideration of this
agents
or representatives
5.
Defendant
Avellino
further
acknowledges
that
a
violationof may place
and criminal
any of the terms him in contempt
sanctions.
or provisions Court
of the annexed
Order
of this
and subject
him to civil
6.
Defendant
Avellino
further
acknowledges
that
he has
been informed and understands
sole matter, and exclusive discretion, or any information
that
plaintiff
Commission, at its
access to this in connection
may refer or evidence
or grant gathered
therewith
appropriate
or derived therefrom,
civil, administrative
to any person or entity having
or criminal jurisdiction. In
this
induce
conneQfio~-, defendant
regarding
enter into him-to
Avellino
this Consent.
acknowledges that
no
represen~oi~i~
the above have been made so as to
7.
Defendant
Avellino
further
acknowledges
that
he has
been informed that
plaintiff
Commission has not waived, and does
MADOFF
EXHIBITS-03090
not waive,
its
rights
to commence, at its
sole
and exclusive
option:
defendant
(a) any civil civil
Avellino,
action
his
or civil
or criminal
employees
contempt against
and
proceedings,
attorneys-in-fact proceedings
related to
action
or administrative
agents, servants, of this defendant
in the
proceedings
as a result against
alleged
matter;
or (b) any further arising from or
or action
facts not
Avellino
Complaint.
8.
assert that,
Defendant
under
Avellino
the Double
waives
Jeopardy
any right
Clause,
he may have
the relief
to
consented
thatany
action.
to in this
criminal
civil
action
barsthe
bars
relief
any criminal
consented
action,
to in this
or
action
9. obligation principal,
Defendant to plus repay all
Avellino all
hereby
personally the on their full
guarantees a~nount as of of
A&B's their
ALE noteholders accrued
interest
notes
November 16, 1992, or such other
the Court may order. Defendant
date
Avellino
as the parties
hereby
may agree
that
or
consents
this
any
guarantee
noteholder,
is without
upon
waiver
of
of any right
the parties
of the parties
or order of the
or
agreement
Court,
to require interest
defendants
AtB, Avellino,
and Bienes
to pay to
noteholderY; the date
which accrued
from November 16, 1992 until that the proceeds
q2:Q~i·tribution.
In the event
resulting
are
i~oa~ the liquidation
of all
of A&B's brokerage
redemption
accounts
insufficient Avellino
to make a complete agrees that
of ALB's notes, will pay to the
defendant
he personally
MADOFF
EXHIBITS-03091
Trustee shortfall,
to
be to
appointed be distributed
pursuant to
to
the
Order
the
amount defendant
of
such
A&B noteholderst
Avellino
defendants
10.
may set off against
AtB and Bienes
Defendant Avellino
such obligation
cover
consents
any amounts paid by
shortfall.
in the event that the
to
any such
that
proceeds
insufficient their
from the
to
liquidation
all all
of ACB's brokerage
AtB noteholders interest accrued the full
accounts
amount
are
of
repay plus
principal,
on their
investments
as of November 16, 1992, or such date
the
Order account,
the Order 11.
as the parties
may agree
or
Court
may order,
securities
the
Trustee
from the
to be appointed
Frank J. to
such no
pursuant
Trustee IV.B.4.
to the
may sell account
and
Avellino Section
shortfall. later than
~ 1-A0051-3-0,
use the proceeds Avellino
pursuant
to agrees cover that
of
Defendant
November
20,
1992,
he will
necessary Defendant
provide
to
to
the
Commission
this Consent in
staff
and the
any and all
Order. that the
documents 12.
effectuate agrees
Avellino
that
event
proceeds
accounts
personal
resulting
plus
accounts
from the
proceeds
maintained
liquidation
resulting
at the
of all
from the
of AtB's
liquidation
at'
brokerage
of two
the
broker-dealer
which
A&B
maintain~d:~t?f brokerage accounts, account /~~-18-3-9,
account
are
their
the Diane K. Bienes account,
(the "Personal
the
on their
and the Frank J. Avellino Trustee account,
both
repay
all
/2-84~05~-3-0,
to
plus
accounts
Accounts"),
full
notes
insufficient
principal
all
interest
ALE noteholders
accrued
amount
as of
of
MADOFF
EXHIBITS-03092
November the
written
16,
1992
or
such then
other within
date six
defendant
as
the
parties days
may agree of
will
or of
Court
may order,
demand by the
business
Avellino
receipt
pay to
Trustee,
the
Trustee
shortfall;
appointed
defendant
pursuant
Avellino
to
the
may
Order
set off
an amount
against
equal
such
to
the
obligation
any
shortfall.
amounts
paid
by defendants
A&B and
Bienes
to
cover
any
such
13. upon his
Defendant counsel,
Avellino IraLee
agrees Sorkin, by
to
accept with
process respect
by to
service this
mail
matter,
deriving depositions, proceedings 14. Consent 15. presented
without
and
any
proceeding
including trials
or
actions
process or other
in
connection
to or
therewith
any
or
therefrom, hearings, or
relating court
administrative
investigations. Avellino the entire Avellino Commission
notice.
Defendant embodies Defendant by
further
further understanding agrees to the
acknowledges of that Court the for the
that parties,
this
annexed signature
Order and
may entry
be
the
MADOFF
EXHIBITS-03093
16.
Defendant
Avellino
consents
that
this
Court
shall
retain
jurisdiction and
for
of
this
action the terms
for
the and
purpose conditions
of of the
implementing
annexed Order
enforcing
all
purposes.
~i?~Jh ~)~eexj X.
Frank J.~Avellino
State County
of of
New
York
) )
ss.:
New York)
On thi~T~ day of EbP~ber, 1992, before me personally
appeared Frank J. Avellino, to me known and person who executed the foregoing Consent. known to be the
d~a~Asc~u;j~
P hl6fi~n/ 5C·k~vJ'l)Olk Bbk~ ~, . 31 -Wi~S6J Cbu4 Q~L~~CfiLLOI·f~L` (O1~~SSLd~ ~cp~RSqpril
DOCl I~ANS~~Bnl A~3r3
Notary Public
MADOFF
EXHIBITS-03094
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
'-""'---"-"""'"'----------------x
SECURITIES
AND EXCHANGE COMMISSION,
92 Civ.
Plaintiff,
:
: : : CONSENT
-against-
BIENES TO ORDEROF
OF
MICHAEL
S.
PRELIMINARY AND OTHER
RELIEF
INJUNCTION EQUITABLE
AVELLINO t BIENES, FRANK J. AVELLINO, MICHAEL S. BIENES,
and :
Defendants.
""""""""-----------------------x
i.
Defendant
Michael
S. Bienes
("Bienes"),
solely
for the
purpose of settling and Other Equitable
of the allegations
this
Application
for Preliminary admitting
Injunction
Relief,
contained
and without
or denying any except as to
terms of the
in the Complaint
of plaintiff
Securities
jurisdiction,
and Exchange Commission (~Commission"),
and having read and undersfood the
annexed
Order of Preliminary
Injunction
and Other EQuitable
Relief
(HDrdern), admits the service of the Summonsand Complaint
the ~n Dersonam jurisdiction of this
upon him, a~ppears and admits
·I· -~i::
Court ov~~j5~i~.and the jurisdiction
of this
Court over the
subject matter of this action,
of the annexed Order without
and hereby consents to the entry
further notice,
MADOFF
EXHIBITS-03095
2.
Defendant
Bienes
agrees
that
this
Consent
shall
be
incorporated
Order to
by reference
against
in and be made part of the annexed
him.
be entered
3.
from the
Defendant Bienes waives any right he may have to appeal
annexed Order,
4.
Defendant Bienes enters
into this
Consent voluntarily
and acknowledges that no tender,
offer,
promise or threat
of any
kind has been made by plaintiff
officers,
Consent.
Commissionor any of its members,
in consideration of this
agents
or representatives
5.
Defendant
Bienes
further
acknowledges
that
a violation
of any of the terms or provisions
him in contempt
criminal sanctions.
oP the annexed Order may place
him to civil and
of this
Court and subject
6.
Defendant
Bienes
further
acknowledges
that
he has
been
informed and understands
and exclusive matter, discretion, or any information
that
plaintiff
Commission, at its
access to this gathered in connection
sole
may refer or evidence
or grant
therewith
appropriate this con~,
or derived therefrom,
civil, administrative b~iQlclant
to any person or entity
or criminal acknowledges jurisdiction. that no
having
In
Bienes
~lj;.~·l·j~a~a~~niing the above have been made so as to
induce h~jc~C~r'
7. Defendant
into
this
Consent.
Bienes
further
acknowledges
that
he has
been
informed that
plaintiff
Commission has not waived, and does not
MADOFF
EXHIBITS-03096
waive, its rights to commence,at its sole and exclusive option: (a) any civil action or civil or criminal contempt proceedings,
civil action or administrative proceedings against defendant
Bienes, his agents, servants, of this matter;
the Complaint.
employees and attorneys
as a result
or (b) any further proceedings or action against
defendant Bienes arising from or related to facts not alleged in
8. that, Defendant Bienes waives any right he may have to assert consented to
under
the Double Jeopardy
Clause,
the relief
in this civil action bars any criminal action, or that any
criminal
9.
action
bars
the relief
Bienes hereby
consented
personally
to in this
guarantees
action.
A&Bls
Defendant
obligation
principal,
to repay all A6rBnoteholders
plus all interest accrued
the full
amount of their
as of
on their
notes
November 16, 1992, or such other date as the parties
with or Court may order.
any noteholder,
may agree
that
Defendant Bienes hereby consents
of the parties or order
this guarantee is without waiver of any right of the parties
upon agreement of the
or
Court, to require defendants A&B,Bienes and Avellino to pay to
noteholders interest which accrued from November 16, 1992 until In the event that the proceeds the date of;aicltribution,
resulting
defendant
Trustee
itoa the liquidation
Bienes agrees that
to be appointed
of all of ALB's brokerage accounts
he personally will pay to the
are insufficient
to make a complete redemption of A&B's notes,
pursuant to the Order the amount of such
MADOFF
EXHIBITS-03097
shortfall, may set
defendants
10.
to be distributed off against
AfB and
Defendant
to AfB noteholders; obligation
to cover
defendant paid
shortfall.
Bienes
such
Avellino
Bienes
any amounts
any
that
by
such
in the
consents
event
that
the
proceeds insufficient their
from
the to
liquidation repay plus all all
of
AtB's
brokerage the full
accounts amount
are of
A~B noteholders interest accrued
principal,
on their
investments
as of November
agree
pursuant
16,
Court
1992,
or such
the
other
Trustee
date
to
as the
be
parties
may
or
the
to
may order,
may sell
appointed
the Diane K.
the
Order
securities
from
Bienes
IViB.4.
shortfall.
account,
of the
account
Order, and
n 1-B0018-3-0,
use the proceeds
pursuant-to
to cover
Section
such
11. 1992,
Defendant obtain
Bienes from
agrees Diane
that
no later and
than supply
November to the
20,
he will
K. Bienes
Commission
this Consent
staff
and
any and all
Order.
documents
necessary
to
effectuate
12.
Defendant
Bienes
agrees
that,
in
the
event
that
the
proceeds
accounts personal
resulting
plus the
from the
proceeds
liquidation
resulting at the
of all
from the
of A&B's brokerage
liquidation at which of two
bi.OCDD~int~maintained
broker-dealer
ACE
maintainaB~~br~R~rage
accounts, the Diane K. Bienes account,
account 1-~018-3-0,
account insufficient y 1-A0051-3-0, to repay
and the FrankJ. Ilvellino Trustee account,
(the all "Personal ALE noteholders Accounts"), the full are amount of
MADOFF
EXHIBITS-03098
their principal
plus all interest
within
accrued on their
investment as
of November16, 1992, or such other date as the parties may agree
or Court may order, six business days of the written
demand by the Trustee,
Trustee appointed
then defendant Bienes will pay to the
to the Order an amount equal to the to cover any such by
pursuant
shortfall;
shortfall.
Defendant Bienes may set off against such obligation
any amounts paid by Defendants A&Band Avellino 13.
this
Defendant Bienes agrees to accept
and any proceeding or actions
all process
in connection
service upon his counsel, Ire Lee Sorkin, by mail with respect to
matter,
therewith or deriving therefrom,
any depositions, hearings, trials
including process relating
or other court or
to
administrative
14.
proceedings
Bienes
or investigations.
further acknowledges that this Consent
Defendant
embodies
the entire
understanding
of the parties.
15.
without
Defendant Bienes agrees that
further notice.
the annexed Order may be
presented by the Commission to the Court for signature
and entry
·(
MADOFF
EXHIBITS-03099
16.
Defendant
Bienes
consents
that
this
Court
shall
retain
jurisdiction
enforcing
purposes.
of this
the terms
action
for the purpose of implementing
of the annexed Order for
and
all
and conditions
~^~2~cl
Michael S.
Bienes
State County
of of
New York New York)
) )
ss.:
Onthislrsday ofn~b~9ne~f, beforeme 1992,
appeared Michael S. Bienes, to me known and
personally known to be
the
person
who executed
the
foregoing
Consent.
hlar~eJ P~gCYI~S~~GI(~ S~PQt ~o, 31-YrzssoS ~SCCL ,n E~ec~d~ (ou^A/ I~jltd Cc~vn?lkStbrl Apfil II~ bcp1~3
November
CO~e~ ~1
otary~p~b_l~e
t~Ahbk)l VT~-C
i~P~-~i~
United States District J~dg
1~71992
New York,/~.York
~
~cc~
- ~6L~· ·a~ ~·LC~·(I
Lc~ca ~ ~
~CLIC
6//// 3/ ~ ~
MADOFF
EXHIBITS-03100