November 15, 2010
Auctioned Madoff property raises $2 million for victims
Personal property of disgraced Jewish financier Bernard Madoff was sold at an auction that raised more than $2 million to repay victims of his multibillion-dollar Ponzi scheme.
The weekend auction in New York run by the U.S. Marshals Service raised money for the Department of Justice’s Asset Forfeiture Fund, whose proceeds are used to compensate Madoff’s victims.
Among the items sold were Madoff’s wife’s 10.5-carat diamond engagement ring, for $550,000, and a pair of slippers embroidered with Madoff’s initials, for $6,000, Reuters reported. Unused Madoff underwear was also sold, as well as a Rolex watch, furniture and antiques.
An auction of Madoff’s possessions last year raised $1 million.
Madoff, 73, was jailed last year after pleading guilty to running a Ponzi scheme that defrauded thousands and caused the collapse of several Jewish charities. He was sentenced to 150 years in prison.