The U.S. Marshals Service announced on Tuesday that it will put up an online auction featuring antique jewelry previously owned by Bernie Madoff and wife, Ruth Madoff. The proceeds of the auction will be used to pay ripped-off Ponzi scheme investors.
Auction Pieces
The prized jewelry were discovered in 2014, but it was only last month that the U.S. District Court for the Southern District of New York ordered it to be sold.
The jewelry pieces up for online selling include a gold money clip, a diamond tennis bracelet, a brooch, an antique necklace and two Patek Philippe watches.
The jewelry is now available online at Gaston & Sheehan Auctioneers. The opening price for the bracelet and the watches is $21,250. For the money clip made by Tiffany & Co., the starting opening bid is on the more affordable range of $380. The pieces will be available at the Texas-based website until Feb. 16.
"Net proceeds from the sale will be made available to the court for restitution to the victims in this case," the U.S. Marshals Service news release reads.
Madoff's Case
The Ponzi scheme involved Madoff using the money of some investors to pay profits to others.
In 2009, Madoff pleaded guilty for being the leader behind the Ponzi fraud scheme that transpired inside his company for decades. The scam was huge that investors lost an estimated $17 billion in principal.
Madoff was sentenced to serve 150 years in prison. He is now 77 years old.
Fourteen other people, including his brother Peter and numerous other company personnel were affected. These people have also been convicted either via pleading guilty or at trial.
In Decemer last year, victims of Madoff's Ponzi scheme received a holiday treat from a trustee who released about $1.1 million checks as payout.
Past Auctions
This is not the first time U.S. authorities sold properties of Madoff and his family members.
In 2009 and 2010, authorities were able to raise a net of a million dollars for selling luxury pieces including Madoff's boats, a bronze miniature statue, a grand piano with a bench, a 10.5 carat diamond ring and a New York Mets jacket owned by Madoff himself.
