Bernie Madoff (Image: Wikimedia)
After pleading guilty in 2009 for being behind a massive investment fraud, Bernard Madoff‘s jewelry is now being auctioned off by the US Marshals Service.
The jewelry contains several very valuable pieces that include a diamond tennis bracelet, a gold money clip and two Patek Philippe watches. The collection is set at $100,000 and the money will go to help the victims of his fraud.
Coined the Ponzi Scheme, it defrauded investors an estimated $17 billion. Madoff’s jewelry was found in 2014 and was ordered to be auctioned off.
Opening bids for the jewelry are starting off between $15k to $21k. To further reimburse the victims, the Marshals have sold thousands of Madoff’s assets including real property, boats, vehicles, jewelry and household items.
Previous auctions were also held in 2009, 2010 and 2011. In 2011, 14 pairs of Madoff’s boxer shorts sold for $200. The auctions in 2009 and 2010 were worth $1 million in total for items such as a 10.5-carat diamond ring, Madoff’s New York Mets jacket and his boats.
Madoff is currently serving a 150 year sentence at the federal correctional complex in Butner, N.C. Madoff wasn’t the only one indicted on the charges; fourteen others were guilty one of which included his brother, Peter.
The auction concludes on Feb. 19.
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