Aug. 02–Their bad fortune can be your good fortune.
Jewelry, watches, gold and silver coins and bullion, rare books, a Steinway player piano and even financial documents in the name of disgraced stockbroker and investment adviser Bernard Madoff are going on the block in a U.S. Marshals national auction.
The auction being held near Austin, Texas will have a live webcast component and is made up of more than 300 lots of seized items from federal cases across the country.
The live auction, taking place at a hotel in Round Rock, Texas, starts 1 p.m. Friday and again at 9 a.m. Saturday. Potential bidders can watch online at www.txauction.com.
Online bidders have to pay an advance deposit of $1,000. The deposit is $500 for people bidding in person.
The Bernard Madoff items being auctioned are various stock certificates registered in his name. Appropriately perhaps, the certificates have no cash value and are listed by the U.S. Marshals Service as “collectible” items.
In 2009, Madoff was sentenced to 150 years in prison and ordered to pay restitution of $170 billion after admitting to operating the largest private Ponzi scheme in history. Wealthy South Floridians were among his many victims.
Several times each year, the U.S. Service holds auctions as part of the Department of Justice Asset Forfeiture Program. Proceeds are used to run the program, compensate victims and support various law enforcement efforts, according to federal officials.
This article provided by NewsEdge.