Bracelet of Ex-Business Mogel Bernie Madoff Being Sold to Benefit Charity
When the United States Marshals Service auctioned off an Art Deco bracelet owned by now imprisoned financier Bernie Madoff in an effort to help victims of one of history’s most notorious con men, worldwide jewelry buyer CIRCA bought it for $50,000 – double the value that it has been appraised at. Now the jewelry company is selling it and donating a portion of the profits to benefit two major charities, the Breast Cancer Research Foundation that it has supported for the past 7 years and Florida based Gift of Life Bone Marrow Foundation which lost $2 million by investing with Madoff himself.
Bernie Madoff has become one of the most despised men in recent memory after being discovered running what is purported to be the world’s largest Ponzi scheme, a criminal enterprise specifically designed to defraud investors. Upon his fall from grace, his estate was seized and is being gradually sold off to benefit the victims of his crimes. Since a large portion of CIRCA’s customers lost money with Madoff and were forced to sell their own jewelry to cover their losses, CIRCA’s CEO Chris Del Gatto has noted that the company felt obligated to do what they could to help the victims.
The bracelet itself is in the Art Deco style popular in the early part of the 1900’s and features large square emeralds set in a paving of diamonds.