Madoff’s possessions go on the block

Of all the items set to go on the auction block this week, there’s one that would take some mettle to wear in public: A satin New York Mets baseball jacket emblazoned with the name “Madoff.”

The jacket, valued at $500 to $700, is among hundreds of pieces of jewelry, clothing and other personal effects once owned by disgraced financier and Bernard Madoff and his wife, Ruth.

Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a massive Ponzi scheme that spanned decades. The property will be sold to raise money for his victims. Gaston &Sheehan Auctioneers Inc. will hold the auction on Saturday.

Though thousands of investors with Madoff’s firm believed their securities accounts were worth tens of billions of dollars, he never made investments and instead siphoned new investors’ money to pay returns to existing ones — and to fuel a life of luxury.

Associated Press