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No More Madoff Parties at the Beachcomber Resort Hotel

Where: 727 Old Montauk Highway [map], Montauk, NY, United States, 11954

Last week's shocking news that investor Bernie Madoff was running the biggest Ponzi scheme ever, in which losses totaled about $50 billion, is still sending aftershocks throughout communities around the world. And the Beachcomber Resort Hotel in Montauk is just one of many affected. While the Beachcomber did not invest with Madoff the hotel was the site of the Madoff company's huge Fourth of July Parties each year. The East Hampton Star reports:

According to a longtime employee of the hotel, who asked to remain anonymous, Mr. Madoff would rent the entire hotel for "anybody from the mail room up to the top executive," and was diligent about checking in to make sure "his people" were well cared for. The weekend typically included a dinner at the Montauk Yacht Club followed by a catered bash on the beach across from the Beachcomber the following day.

"He was a wonderful man," said the hotel employee, who was surprised to hear of the allegations. "He took care of everything. He was very generous to his employees and everybody spoke very highly of him."

How heartwarming it is to hear how generous he was with someone else's money. Hopefully the Beachcomber can find a new Fourth of July party host. Rates in the peak summer season start around $255 a night. The rooms are spacious but the decor is a little outdated. Not quite fit for a billionaire, even a fake one.

[Photo: Telegraph UK]