Page last updated at 00:18 GMT, Friday, 13 November 2009

Madoff goods go under the hammer

Baseball jacket with Madoff on the back
Diamond life: lot 271

Live in the style of a billionaire, without the disgrace.

A long list of personal items once owned by the jailed financier Bernard Madoff and his wife, Ruth, will go on sale on Saturday.

He is serving a 150-year prison sentence for a fraud estimated to total as much as $170bn (£103bn).

However, early estimates suggest the auction will raise just a fraction of that sum for his victims - around $500,000 (£300,000).

Name of shame

As well as the usual trappings of a luxury lifestyle such as jewellery, watches and furs, lots being sold also include more humble goods with the Madoff name inscribed - an emblazoned blue satin Mets baseball team jacket and boards for use at the beach.

Even his letter-headed personal stationery will go under the hammer.

Beranrd Madoff at court
Guilty man: Bernard Madoff

Auctioneers Gaston and Sheehan have been appointed by the US Marshal's department to handle the sale, which is part of the long process of trying to recover some of the money lost over the almost 20 years Madoff ran his Ponzi scheme fraud.

So far, the authorities have identified just over 10% of the money estimated to have passed through his investment business.



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SEE ALSO
Madoff scam reveals regulatory failure
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Unravelling the 'Madoff hustle'
26 Jun 09 |  Business
Bernard Madoff's road to ruin
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Madoff jailed for 150 years
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Madoff's accountant admits fraud
03 Nov 09 |  Business
Madoff adjusts to life in prison
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