Auction of Bernie Madoff’s items raises $2 million

November 15th, 2010 - 10:48 pm ICT by Aishwarya Bhatt  

New York, Nov 15 (THAINDIAN NEWS) The auction of the personal items belonging to the jailed Ponzi schemer, Bernie Madoff came off last Saturday. Officials say the auction fetched some $2 million. The amount will be used to defray some of the losses of the victims.

Among the things that were put up for sale during the auction was Madoof’s diamond engagement ring that he gave to his wife. The ring fetched $550,000. The items that were auctioned off also included Madoff’s boxer shorts with his socks which sold for $1,700, his slippers and the desk that authorities believed Madoff operated from. His rolex watch was bought for $67,500. The last auction that was done on Madoff’s properties fetched $1million.

Madoff is currently serving some 150 years behind bars after he carried out one the biggest Ponzi schemes in the history of the United States. The victims will be compensated with whatever is realized after Madoff’s entire assets are auctioned off. The recent auction included jewelry, furniture, antiques, clothing and other personal effects. The amount realized from the recent auction will be added to those that have already been realized and deposited into the Department of Justice’s Asset Forfeiture Fund for lather distribution among the victims.

Deputy U.S. Marshal Roland Ubaldo said after the auction that, “This was another successful evening and it is a chapter closed here in New York City”.

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