Madoff yachts raise million for victims
Nov 18th, 2009
Yesterday's auction of goods seized from convicted Ponzi scammer Bernie Madoff has raised more than £1 million that will go towards compensating his victims.Included in the $2 million (£1.2 million) sales were a number of yachts used by the former financier.
His three boats fetched more than half of the overall income from the auction, while another vessel belonging to his former chief financial officer Frank DiPascali also raised close to $1 million.
The 70-year-old's Palm Beach and New York homes remain on the market and US marshal Neil DeSousa explained the auction was a success.
"The sales of the Madoff assets far exceeded all expectations, which equates to more money that will go back to the victims involved in the Madoff case," he revealed.
After conning hundreds of investors out of millions of pounds, Madoff was sentenced to 150 years in jail.
Meanwhile, the prize-giving ceremony for the third round of the Clipper Round-the-World Yacht Race has taken place in South Africa.
Posted by Chris Yates
"I would recommend Dream Marine to others. Everyone was easygoing and helpful. I didn’t mind who I talked to. It was all good. Shame having to come back to London afterwards.
Come on Chris… when’s the next one?"
Come on Chris… when’s the next one?"
