Fraudster's socks sell for $1,700

Published: 16th November 2010

Fraudster's socks sell for $1,700
The auctioning of disgraced Bernard Madoff's possessions went ahead on Saturday, November 13th, hitting headlines around the world.

Boxes of the infamous fraudster's socks and underwear were sold for a considerable $1,700 (£1,058) to commercial real-estate agent Steve Chow.

Mr Chow told the New York Post: "The first thing was I wanted to get some things that I like.

"But if my purchase can help the cause, then that's a bonus."

He also admitted to the newspaper that the 247 pairs of socks might be more than he can use, saying: "I may not be able to wear all the socks. I'll give them away as a gift."

Lavish possessions owned by the American swindler that are being auctioned off include everything from bed linen, artwork and cookware to socks, shampoo and his extensive collection of shoes.

Over $2 million (£1.25 million) was made at the New York auction, with proceeds going to benefit the victims of Madoff's $65 billion (£40.5 billion) pyramid scheme.

More than a quarter of the proceeds came from Ruth Madoff's 10.5-carat diamond engagement ring which sold for $550,000 (£340,000).

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