Bernard Madoff Auction

September 9. 2009

Video: Bernie's NY Digs Up for Sale - CBSNewsOnline

 

The above posted video grants viewers a glimpse into the decadent lifestyle Bernard and Ruth Madoff lived, while fleecing investors out of obscene sums of money, in the worst recorded ponzi scheme in world history, with losses topping $65 billion dollars.

I don’t know what Madoff was thinking, but that’s just it, criminals do not think, they just act on their impulses, no matter who gets hurt. Then, they suffer the consequences.

Madoff beach house

Madoff’s three bedroom, four bathroom apartment, located on New York’s Upper Eastside, was stuffed with expensive antiques, fine art, exorbitantly priced furniture, crystal wear, silver cutlery and costly rugs – all illegally underwritten by stealing investors' money.

Like most criminal enterprises, this tale has come to an ugly end, as the apartment, all its contents, Madoff’s other homes and boats, are tagged for auction to the highest bidder. Madoff gets to keep...nothing.

Take note financial fraudsters, who are stealing other people’s money and assets, as this is your future – incarcerated in prison with all your material possessions, intangible assets and all future earnings, auctioned off to pay back the money you stole from innocent people.

The government failed miserably in this case, as proceeds from the Madoff sale, will not cover the financial damages incurred by victims the U.S. regulatory system failed.

Side Bar: did you know that Madoff had a mistress...and he fleeced her out of money as well.