Friday, 24 April 2015

The Madoff Auctions

In late 2010, two years after he was first arrested for an $ 18 billion Ponzi scheme, Madoff possessions hit the auction market.

Thousands of belongings from his New York City penthouse, including his used shoes, went on the auction block.
An anonymous bidder paid $550,000, for a 10.5-carat diamond engagement ring that belonged to Madoff's wife, Ruth.

Ruth Madoff's French diamond earrings fetched the next highest price. They went for $135,000.
The man who became a symbol of greed and deceit on Wall Street had a lavish collection of watches. One of his vintage steel Rolex "Moon Phase" watches sold for $67,500. The watch was part of Madoff's 40-plus watch collection that also included 16 other Rolexes.

U.S. marshals seized everything in the Madoffs' Manhattan apartment and Long Island beach house: worn socks, new monogrammed boxer shorts, even the used Italian velveteen slippers bearing the initials "BLM" in gold embroidery.
Madoff's mini fleet of boats were auction stars. A restored 55-foot Rybovich yacht named Bull fetched $700,000. Madoff's former 38-foot Shelter Island sport runabout, named Sitting Bull, went for $320,000. And the 24-foot Maverick center console he dubbed Little Bull got a winning bid of $21,000.

A black 1999 Mercedes-Benz CLK 320 convertible that belonged to Madoff's wife, Ruth, went for $30,000.
Madoff's 4,000-square-foot duplex Manhattan penthouse sold for $8m, and a 8,750-square-foot home in Palm Beach $7.4m. Madoff's Montauk beach home sold for $9.4m
Morrell Wine Auctions auctioned off 262 bottles of wine and liquor that had been seized by federal authorities from Madoff's mansion in Palm Beach.

The collection sold for over $41,500.
While Bernard Madoff serves a 150-year prison term in South Carolina, five former employees were found guilty of conspiracy on Monday, March 24 2014. A jury ruled they had for years helped conceal his massive Ponzi scheme.

The verdicts are the first jury convictions since Madoff’s $20bn scam was exposed six years ago, and come after a trial that lasted nearly six months. One defendant, Annette Bongiorno, worked for Madoff for 40 years as his secretary and at one point had as much as $50m in her accounts. Bongiorno, 65, had multi-million dollar homes in Long Island and Florida and drives a Mercedes worth $100,000.

http://www.theguardian.com/business/2014/mar/24/bernie-madoff-five-former-aides-guilty