A pair of Bernie Madoff boxers recently brought in $1,700 during a successful Bernie Madoff auction. The auction can be called "successful" because its legally-obtained proceeds will be going to a special fund to help repay the many victims of Madoff's ponzi schemes. While it's a start, it will only be a small portion of the billions of dollars that Madoff swindled from unsuspecting clients.
The items were brought in from Madoff's various homes in New York City and Long Island. According to CNN.com, the auction brought in a total of over $2 million. One of the high-priced sellers was a 10.5-carat diamond engagement ring which brought in $550,000. Auctioneers had initially hoped to get $350,000 for it. Another big ticket item was a Steinway and Sons grand piano. That was estimated to bring in $16grand and ended up getting $42,000.
The items auctioned off on Saturday were a large success, even though Madoff illegally took more than $50 billion from his victims. This auction over the past weekend will have its proceeds put into the US Department of Justice Asset Forfeiture Fund to try to help compensate victims of the Ponzi schemes Madoff perpetrated. Last year an auction raised about $900,000 so this recent edition was twice as successful.
They've got a long way to go though if they're going to come close to paying back the victims of Bernie Madoff. They at least have the comfort of knowing Madoff can't enjoy the luxuries of real world freedom. He's currently sitting behind bars and has a release date of 2139. By that year, if Madoff is still living he will be 100 years old.
The items auctioned off on Saturday were a large success, even though Madoff illegally took more than $50 billion from his victims. This auction over the past weekend will have its proceeds put into the US Department of Justice Asset Forfeiture Fund to try to help compensate victims of the Ponzi schemes Madoff perpetrated. Last year an auction raised about $900,000 so this recent edition was twice as successful.
They've got a long way to go though if they're going to come close to paying back the victims of Bernie Madoff. They at least have the comfort of knowing Madoff can't enjoy the luxuries of real world freedom. He's currently sitting behind bars and has a release date of 2139. By that year, if Madoff is still living he will be 100 years old.
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