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Rediff.com  » Business » He cheated others and made billions!

He cheated others and made billions!

Last updated on: November 12, 2010 20:36 IST

Image: Bernard Madoff.
Photographs: Shannon Stapleton/Reuters.
One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years for his massive $65 billion scam in December 2008.

He was arrested for orchestrating a $65 billion Ponzi Scheme, the biggest fraud in US history.

He fleeced more than 14,000 investors, many of them lost their life savings. Two notable victims were filmmaker Steven Spielberg and actor Kevin Bacon.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960. He was its chairman until his arrest.

So far $1.5bn has been recovered for the victims of this fraud. More of his valuables will be auctioned to raise more funds.

Click NEXT to check out Madoff's expensive assets bought with poor investors' money...


 

He cheated others and made billions!

Image: A figurine of a bull belonging to Bernard Madoff.
Photographs: Jessica Rinaldi/Reuters.
More than 400 pieces of personal property, jewellery, and antiques from Madoff and his wife, Ruth, will be sold at the auction in New York City on November 13, 2010.

The property was forfeited and seized in connection with the criminal prosecution of Madoff by the United States Attorney's Office and the proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of the multi-billion dollar scam.

He cheated others and made billions!

Image: A pair of shoes belonging to Bernard Madoff.
Photographs: Reuters.

Madoff was obsessed about shoes. He had over 250 pairs of shoes, some of which were never worn.

He cheated others and made billions!

Image: A ten carat diamond ring belonging to Bernard Madoff.
Photographs: Jessica Rinaldi/Reuters.
The diamond ring is likely to fetch $350,000.

He cheated others and made billions!

Image: A pair of fur mittens belonging to Bernard Madoff's wife, Ruth.
Many designer jackets, shirts and accessories more than anyone would actually use are piled up in the house reflecting his flamboyant lifestyle.

He cheated others and made billions!

Image: A book titled, Eat More, Weigh Less belonging to Bernard Madoff.
Photographs: Jessica Rinaldi/Reuters.
Madoff's book collection included 'Lies and the Lying Liars Who Tell Them', Chutzpah, In the Shadow of the Law, and End in Tears.

...

He cheated others and made billions!

Image: A Rolex watch owned by Bernard Madoff.
Photographs: Shannon Stapleton/Reuters.
Madoff's collection of Rolex watches along with his wife's jewellery was sold in the first auction.

He cheated others and made billions!

Image: A Viking Sports fish yacht.
The 61-footer was among the three other Madoff vessels auctioned last year.

He cheated others and made billions!

Image: A pair of boxer shorts belonging to Bernard Madoff .
The auction is likely to get $1.5 million-$2 million.

...

He cheated others and made billions!

Image: Personal property of Bernard and Ruth Madoff.
Photographs: Shannon Stapleton/Reuters.
The blue satin jacket with his name stitched on the back was sold for $14,500 in the 2009 auction.

He cheated others and made billions!

Image: Ruth's Madoff's jewellery.
Photographs: Shannon Stapleton/Reuters.
Ruth Madoff's belongings which included her most expensive jewellery sets fetched 20 times more than estimated value at the 2009 auction.

...

He cheated others and made billions!

Image: Personal property of Bernard and Ruth Madoff.
Bernard and Ruth Madoff led an opulent lifestyle cheating thousands of investors.

He cheated others and made billions!

Image: The living room of Madoff's apartment.
The Madoffs owned a 8,753-square-foot house priced at $9.4 million.

The New York City penthouse where Madoff spent his last few days of freedom with his wife Ruth was sold.

He cheated others and made billions!

Image: A vintage fighting chair aboard the Rybovich M/V.
A third and final auction will be held in Florida to sell off items from his Palm Beach home.

He cheated others and made billions!

Image: A Bernie Madoff action figure.
Photographs: Shannon Stapleton/Reuters.
This figure made by the toy company ModelWorks was displayed at the American International Toy Fair in New York.