Madoff Auction Nets $900K For Victims

Nov 17 2009 | 4:48am ET

Saturday’s auction of 170 items owned by arch-fraudster Bernard Madoff and his wife exceeded its expected haul, but that money is barely a drop in the bucket for the Ponzi schemer’s victims.

The U.S. Marshals Service sold of the Madoff bric-a-brac at a New York hotel, netting $900,000 that will be added to the pool of assets to be returned to victims of Madoff’s $65 billion fraud. The court-appointed receiver has said Madoff’s investors lost more than $20 billion in the three-decade-long scam.

About 2,000 people placed bids on the items, which included jewelry, clothing and other personal items owned by the Madoffs. Among the stars of the auction were Ruth Madoff’s diamond earrings, which netted $70,000, and Madoff’s Mets jacket, with his named stitched on the back, which took in $14,500, 20 times what was expected.

The items sold were seized from Madoff’s homes in Manhattan and Montauk, N.Y. Both of those residences have also gone on the block.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...

 

From the current issue of