Madoff jewels, clothes set for New York auction

On a more personal note, there will be a blue satin Mets baseball team jacket emblazoned with “Madoff” on the back. Estimated price: US$500 to US$720. The Madoff name appears on many other goods, ranging from beach boards to personal stationary.

Gaston and Sheehan auctioneers are handling the sale at a Sheraton hotel in New York, but the goods were seized by the U.S. Marshals Service to raise compensation for hundreds of investors cheated by Madoff. Pre-auction estimates by Gaston and Sheehan predict sales of about US$500,000. Properties, including a Manhattan penthouse and Palm Beach retreat, have also been seized. A Long Island beach getaway sold for US$8 million.

Madoff, now serving a 150-year prison sentence for fraud, claimed just before his arrest last December to have been managing US$65 million. However, much of that appears to have comprised phony funds. The court-appointed liquidator says that investors lost US$21.2 billion cash.

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