The U.S. Marshals are holding an online auction of assets, including jewelry and watches, that were seized from Peter and Shana Madoff, the brother and niece of Bernie Madoff, the operator of the largest financial fraud in U.S. history.
Peter Madoff was the chief compliance officer and senior managing director of Bernard L. Madoff Investment Securities. In 2012, he pled guilty to fraud charges and received a 10-year prison sentence and a forfeiture order requiring him to surrender all assets to the government. His daughter Shana was a rules and compliance officer and attorney with the firm. She was also required to forfeit all assets as part of the agreement.
The online auction began June 18 and will run through July 7. A second auction will be held in mid-July.
Opening bids start at $5 and go up to $327,250 for a nine-carat diamond ring. Among the lots: wristwatches from Bulgari, Cartier, and Patek Philippe, and jewelry from Hermes, Cartier, Judith Ripka, Bulgari, and David Yurman.
The auction is being held at txauction.com.
“Proceeds generated from asset sales are used to operate the Asset Forfeiture Program, compensate victims, and support various law enforcement and community initiatives,” according to a press release from the U.S. Marshals.