U.S. News

Auction of Madoff effects raises $2 million

Slideshow ( 17 images )

NEW YORK (Reuters) - A diamond engagement ring that belonged to the wife of Bernie Madoff fetched $550,000 at an auction on Saturday, while a pair of black velveteen slippers embroidered with the convicted swindler’s initials went for $6,000, U.S. marshals said.

The auction of jewelry, furniture, antiques, clothing and other personal effects to help compensate Madoff’s victims raised more than $2 million, the marshals said.

Madoff pleaded guilty last year and was sentenced to 150 years in prison. A previous auction of his personal property raised $1 million.

Proceeds from the auction will go to the Department of Justice’s Asset Forfeiture Fund, which is used to compensate the victims of Madoff’s multibillion-dollar Ponzi scheme.

The auction included high-end items like a Rolex watch that fetched $67,500, as well as a lot containing men’s boxer shorts and socks, which brought in $1,700.

“This was another successful evening and it is a chapter closed here in New York City,” said Deputy U.S. Marshal Roland Ubaldo.

Reporting by Edith Honan; Editing by Peter Cooney