Madoff Auction Generates $1 Million To Benefit Scheme Victims
Madoff auction took place in New York on Saturday. The private belongings of former billionaire and now convicted defrauder Bernard Madoff were being auctioned off to raise funds to help the victims of his Ponzi scheme. In total, nearly $1 million has been raised through the auction that drew nearly 2,000 bidders and collectors. Among items auctioned off were jewelry, watches, handbags, clothes, duck decoys, and even yacht items.
The auction drew locals who just wanted to witness history — or get a good deal on a watch — as well as bankers, lawyers, record executives, estate dealers, collectors and many curious tourists
Now, lets put this into perspective. Madoff was convicted of causing $64.8 billion in losses to his investors, of which there were 4,800. This works out to about $13.5 million lost per investor. Other sources report that the total defrauding volume did not exceed $18 billion. That still works out to $3.75 million per investor, which by any account is considerably more than what has been raised with the auction. But, it is something...
Madoff is currently serving his 150-year jail term in Federal Correctional Complex in Butner, North Carolina.