Madoff's jewellery and watches up for auction

First published: 11-11-2009

No less than 16 Rolex watches and a box of jewellery will be on sale in New York this weekend, after a convicted fraudster's personal items are being put under the hammer to make money back for his victims.

Bernard Madoff, the former NASDAQ chief convicted of fraud during the summer after being discovered to have established a Ponzi plan - an economic model comparable to a pyramid scheme - conned his investors out of millions, resulting in a 150-year prison sentence.

The watches are estimated to be worth around $500,000 (£300,000) alone, while an emerald and diamond link bracelet has been priced at over $23,000 (£13,720).

Other items for sale include baseball caps, monogrammed shirts and other more strange offerings, such as a milking stool, boogie boards for body surfing and a box of fishing tackle - all available to the highest bidder.

Another man charged with fraudulent activity - Sir Allen Stanford, the founder of the high-paying 20/20 cricket tournament - is currently awaiting trial, though was hospitalised in September after getting into a fight with a fellow inmate.

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