At the peak of his career Madoff was also the Chairman of NASDAQ. When he was caught last December he confessed that he had been operating Ponzi scheme. The scheme has gained the notoriety as the worst Wall Street Fraud ever. As Madoff confessed the crimes he stated that the Ponzi scheme was started in 90s, however the investigators were not sure, they said that Madoff was operating the fraudulent business since 80s. He was charged in the embezzlement of $65 Billion and was sentenced to 150 years in jail.
The worst spin off, of the case are affectees. They have been left with nothing. According to the court orders Madoff family would have to leave all their belongings. U.S Marshals Service is now selling his collection of homes, cars boats, watches all bought with the fraud money.
The investors were made to believe that their funds have been invested in extremely profitable schemes; however they were just being fooled. Their money was never invested and they were being paid by the amount of new investors. Many reputed organizations have invested with Madoff, especially the Jewish ones as Madoff himself is a Jew. Included in the organizations is Steven Spielberg’s charity.
The things that have been put on auction include the paper stationery with the name of Bernard and his wife Ruth on it. There are many items of top class brands in the list.
It seems that Madoff ad special interest in Rolex watches. Almost six Rolex watches are put on auction including in the list are some whose worth is estimated at $88,000.
Madoff
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