Ponzie King Madoff's possessions auctioned - India News and Travel Times Provides India-centric and other News and Features

Jailed Ponzie King Bernard Madoff's personal possessions have been sold at an auction in New York. From a pair of monogrammed black velveteen slippers through to a 1917 Steinway piano, a clutch of ill-gotten gains of fallen financier Bernard Madoff and his wife Ruth were auctioned off on Saturday to benefit his victims. Madoff, 72, is currently serving a 150-year sentence in a federal prison in North Carolina for operating a so-called Ponzi fraudulent investment scheme that robbed customers of between 18 billion dollars and 65 billion dollars. Madoff was sentenced to prison with no parole on June 29, 2009 for orchestrating a 65 billion dollar Ponzi scheme - the biggest fraud in US history. Over 1,300 investors were drawn in over many years, with many facing financial ruin as a result. A number of celebrities, including filmmaker Stephen Spielberg and actor Kevin Bacon were victims.

Ponzie King Madoff's possessions auctioned in New York