Madoff's stuff to be auctioned
For those who want a piece of New York high society extravagance or are seeking a memento of one of the most infamous fraud scandals in the nation’s history, the U.S. Marshals bring you an auction of Bernard and Ruth Madoff’s personal stuff.
From an announcement on Wednesday, the items for sale on Nov. 13 will range from a 10.54 carat, emerald-cut diamond engagement ring to a pair of black velveteen slippers – size 8 ½ -- embroidered with “BLM” in gold thread.
Among more than 400 pieces of personal jewelry, furniture and antiques are also a Steinway grand piano, a bull statuette, and what appears to be Madoff’s desk.
All of the property was foreited and seized in connection with the criminal case against Madoff, who pleaded guilty last year in New York to defrauding thousands of investors out of billions of dollars.
His Ponzi scheme, which began to crumble as investors tried to cash in investments during the economic recession, covered at least two decades and lost an estimated $15 billion to $20 billion in investor cash.
Madoff, 72, is serving a 150-year federal prison sentence.
The U.S. Marshals plan to put all of the money earned from the auction into an asset forfeiture fund that will help compensate victims of Madoff’s fraud.
“A diamond ring, grand piano, and personalized items are just a few of the lots that will be put up on the auction block,” Joseph R. Guccione, U.S. Marshal for the Southern District of New York, said in a news release. “These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoff’s residences in New York City and Montauk, N.Y.”
The auction is scheduled for Nov. 13 at 10 a.m. at the Sheraton New York Hotel and Towers at 811 7th Avenue. A public preview of the items is scheduled for Nov. 12 at the Brooklyn Navy Yard.
-- Josh White
| October 20, 2010; 1:04 PM ET
Categories: Around the Nation, Financial Crimes, Josh White
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