Bernie Madoff’s Used Socks and Boxer Shorts up for Auction

by greg1usa | November 11, 2010 at 02:19 pm

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The United States Marshals Service is auctioning varoius items belonging to Bernie Madoff and his wife Ruth including used socks and boxer shorts.

The property was forfeited and seized in connection with the criminal prosecution of Madoff by the United States Attorney’s Office in the Southern District of New York.

The auction will take place this Saturday November 13th at 10:00 A.M. EST at the New York Sheraton Hotel & Towers and will also be broadcast live online. The Madoff’s personal belongings will be sold to the highest bidder in order to compensate the victims of Madoff’s $65 billion Ponzi-scheme.

Some of the items to be auctioned include used socks, boxer shorts, slippers, 1 yard stick, 1 black towel, napkins, assorted holiday wrapping paper, candles, coffee mugs, assorted sea shells in a box and jello molds!

Other items include a grand piano, jewelry, furniture, antiques, and other personal property.

Former stockbroker Madoff is currently incarcerated after admitting to operating what has been described as the largest Ponzi scheme in history.

Madoff pleaded guilty in March 2009 to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars.

Madoff admitted starting the ponzi scheme in the early 1990s. However federal investigators believe the fraud began as early as the 1980s and that the investment operation may never have been legitimate.

The amount that went missing from client accounts, including fabricated gains totalled almost $65 billion dollars. Until his arrest in December 2008, Madoffs investment and securities company “ Bernard L. Madoff Investment Securities LLC “, was one of the top market maker businesses on Wall Street.

Sources: US Marshals Service, Wikipedia