Madoff Auction Nets $2 Million for Ponzi Victims

For the victims of Bernie Madoff, who swindled clients out of $20 billion, the $2 million raised when Madoff’s personal possessions went on the auction block in New York was small consolation. According to Forbes, the second of two New York auctions featured items such as his wife’s jewelry, his grand piano, and his artwork. A final auction will be held in Florida for items from his former Palm Beach home. In the meantime, Bloomberg notes that trustee Irving Picard continues to go after Madoff’s cohorts. Picard latest lawsuits involve five of Madoff’s former employees, from whom he is hoping to get $48 million. This follows on the heels of 19 other lawsuits, totaling $15.5 billion, filed against Madoff’s family members, friends, and various feeder funds.