Auction of Madoff Family Possessions Brings in $2 Million for Victims
Personal property of Jewish financier Bernard Madoff were sold in an auction that raised more than $2 million to repay the victims of his multi-billion 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 was 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 multi-billion dollar Ponzi scheme that defrauded thousands and caused the collapse of several Jewish charities. He was sentenced to 150 years in prison.