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FCPA Blog Daily News

« FCPA Conspiracy Theories | Main | No Finish Line For Ingersoll-Rand »
Wednesday
Nov032010

Walk A Mile In Madoff's Shoes

Gerald and Patricia Green faced a forfeiture count and lost everything -- their house, car, bank accounts, company, pension assets, and more.

As we said a few weeks ago, the government doesn't always press for criminal forfeiture in an FCPA-related indictment. But it did with the Greens, and with Jeffrey Tesler and Wojciech Chodan, and Keith Lindsey and Steve Lee, as well as their alleged agents, Enrique Aguilar and his wife Angela.

Some readers wanted to know what happens to forfeited property.

Those shoes in the picture? They once belonged to Bernie Madoff. The U.S. Marshals, who run the federal forfeiture program, are selling them at an auction in New York City on November 13. They're the Belgian brand, Mr. Casual model, size 9W, 18 pair in all.

Also on the block is Ruth Madoff's 10.54 carat diamond ring. There's a Steinway grand piano, a pair of black velveteen slippers embroidered with “BLM” in gold thread, a miniature bronze bull statue, four "Bernard L. Madoff Investment Securities" tote bags, an antique desk, and a signed political cartoon.

“These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoff’s residences in New York City and Montauk, N.Y.,” according to Marshal's spokesperson Joseph R. Guccione.

Even if you miss the Madoff auction, the U.S. Marshal's are deep in vacant land, timeshares, houses, cars, boats, and jewelry. Their site, for example, currently lists 9 acres in Henderson County, Texas -- minimum bid: $9,000; a five-week timeshare at The Ritz-Carlton Golf Club and Spa in Jupiter, Florida -- minimum bid: $100,000; a single-family home in the Palin Family enclave of Wasilla, Alaska -- minimum bid: $51,350; a 2005 Hummer H2 -- minimum bid: $11,100; and one of the stars of the current crop, a 2008 Range Rover Supercharged Sport -- minimum bid: $25,330.

But we've barely scratched the surface. The Marshal's truly are the Walmart of forfeited property.

Their inventory and bidding guidelines can be viewed here.

Reader Comments (1)

It is only appropiate that those who steal from other have their belongings sold. I hope the money goes back to the people who were scammed.
March 15, 2011 | Unregistered CommenterSteve

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