GDS publishing scam unveils yet another scam and this time it was Bernie Madoff who was arrested and was accused for running the largest scam of US history. He introduced a scheme called ponzi and duped thousand of investors raising US $ 65 billion.
Some of the victims of the scam wanted a pay back and several of his belongings were put to auction to recover the money of the investors and to the surprise of auctioneer, some of the items were sold at a cost many folds than was expected. The luxury items owned by the scammer that were put to action included his New York Mets Jacket, clothing, jewelry and four boats that he owned. The auction that took place in Sheraton hotel and tower In New York attracted several bidders and was handled by Gaston and Sheehan Auctioneers. The 14-carat diamond earrings of his wife Ruth went for staggering US $ 70000 and the collection from other jewelery mounted to US $ 900,000.
Some items where sold at a bargain price, but several other exceeded the expectations of the auctioneers by large as the Jacket was sold for US $ 14000 a price which is 20 times the estimated value. Three of the four boats that he owned were sold for US $ 1000000.
According to the officials, the bid will generate more money than it is required to pay the investors off. He is currently serving 150 years sentence and according to what was revealed last month he shares his room with a 21 year old drug offender.