User Rating: 0 / 5

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

Bernie Madoff and his wife Ruth lived a privileged life. Apartments on Manhattan’s tony Upper East Side, a 55.5 foot luxury yacht named “Bull”, two private planes on call, a $9 million mansion in Palm Beach, Florida, memberships at exclusive country clubs, millions of dollars worth of expensive jewelry and $3 million beachfront property on Long Island. Then, suddenly, everything changed for the former investment manager of Ascot partners. The downturn in the national economy and the crisis in stock market had a lot of businesses and families wanting to pull out their money they had invested with Madoff. The truth was, as many of his clients would soon find out, there wasn’t any money. Bernie Madoff and his multi-billion dollar portfolio was all a lie.

Unless you have been living under a rock, I am sure the name Bernie Madoff strikes a chord with you. He was recently sentenced to 150 years in jail for running a $50 billion ponzi scheme that wiped out the fortunes of some of nation’s wealthiest families, forced lots of hedge funds to liquidate their holdings and sent the stock of companies that invested with him into a tailspin. While he was out on bail pending his trial, authorities discovered that Madoff had mailed almost $1 million of precious jewelry to his family members from his $7 million Manhattan apartment on Christmas Eve.

Authorities say 16 watches, including a diamond-encrusted timepieces from Cartier and Tiffany, an emerald ring, four diamond brooches and two sets of cufflinks were mailed to his family in violation of a court order. When the news of the jewel transfer broke, it sent a wave of outrage among Madoff’s victims and the public. Madoff’s attorneys tell a different story of a broken man and his wife sending some sentimental personal items to their loved ones. They say it was an honest mistake. In a written statement, his attorneys wrote “Mr. Maddoff gathered a number of watches that he had collected over the course of years, knowing that, due to the sudden change in his circumstances; he would never have an occasion to wear these watches again.”



 There’s another side to this sordid tale of greed and deception. What about the people that lost everything? It’s ironic that as Madoff prepares to go to prison indefinitely he is mailing his sentimental jewelry to his family, while his ex-clients are being forced to sell theirs. In New York, a jewelry-buying firm called CIRCA says they have been getting an influx of ex-Madoff clients who need to unload their jewelry. The firm’s C.E.O, Chris Del Gatto, says he had a client in Beverly Hills who mailed in a nine-carat diamond to sell just so she could pay her expenses. The same goes for their Palm Beach office, where the company’s director Tracy Sherman says she has been visiting the homes of Madoff victims. Sherman says some of the people have their precious jewelry all laid out on a table, each with a story behind it, contemplating how much they can get for them. She says the jewels aren’t the only thing for sale, so are some of the victim’s homes.

Bernie Madoff is a name that some may remember as a swindler, a cheat, a genius and a thief. Others may remember this case because of the astonishing amount of jewelry and property that had to be sold by the nation’s elite.

Latest Articles

  • The Allure of Cubic Zirconia Engagement Rings

    Every woman has dreamed of that special day when her knight in shining armor professes his love for her while presenting her with a gorgeous diamond ring. In today’s world, that shining diamond ring is just a fantasy for many young couples. Many have been hit by our struggling economy and luxury items, like diamonds, are too expensive...

  • Ladies…Raise Your Right Hand

    Over the last several years, right hand rings for women have become increasingly popular. Wearing a jewel encrusted ring on the right hand is a fashionable way for women who are not engaged or married to make a statement. Traditionally, wearing a diamond ring on the left hand signifies that a woman is engaged or married. Some say the...

  • Vintage Jewelry Makes A Comeback

    This awards season, the stars walked the red carpet in gorgeous gowns and breathtaking jewelry. Before the Academy Awards was even over, everyone was dishing about Angelina Jolie’s jaw-dropping 115-carat Lorraine Schwartz emerald earrings and matching…are you ready for this…

  • The History of Valentine’s Day

    Every year, on February 14th, millions of people send special cards, jewelries, flowers and candy to people they care about. It’s an ancient holiday that has become synonymous with love. Actually, the entire month of February has long been associated with romance.

  • The Woman Behind The Design: ELLE Jewelry’s Claire Vessot

    You may or may not have heard of Claire Vessot, but you have probably admired some of her award-winning work. Claire is one of the most sought after Canadian jewelry designers and the artist behind ELLE jewelry. Her ELLE designs have been described as sophisticated, contemporary, cutting-edge and timeless. The sleek jewelry can be seen...