Word: ponzis
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Before Bernie Madoff admitted to running a massive Ponzi scheme, Jeffry Picower was known for being a philanthropist. With about $1 billion in assets, the Picower Foundation, which he started with his wife Barbara, supported causes like neuroscience research at MIT and public education in Florida. The largesse seemed a fitting testament to the Bronx, N.Y., native's ascent from accountant and lawyer to billionaire investor and buyout artist...
...page of local newspapers. The ads begin, "Due to losses caused by Bernie Madoff," and then detail such treasures as original art by Peter Max, Salvador Dalí and Norman Rockwell - as well as Rolex watches and "other flashy items" - that are to be sold to "recover losses from Ponzi scheme." Trouble is, it's hard to tell whether any of the merchandise at these auctions was owned by Madoff or those he ruined or if the ads are just a dubious way to drum up traffic for run-of-the-mill estate sales. (See a Madoff family photo album...
...recent years in multiple states. At one so-called Madoff auction held this fall in West Palm Beach, Fla. - a community hard hit by Madoff, who once owned houses and other property in nearby Palm Beach and who is now serving a 150-year prison sentence for his massive Ponzi scheme - many potential bidders exited fuming. "They all thought it was Madoff stuff, and it's not; it's from all over," an attendee told a local television station. A couple weeks later, in Naples, Fla., Abadi held another "Madoff" auction at which many bidders said they could not discern...
...Madoff victims do indeed provide merchandise for the auctions and that "we're getting inventory from them every single week." The problem, he said, is that most victims ask to remain anonymous. Southern Star put TIME in touch with one Madoff investor who said he lost millions in the Ponzi scheme and confirmed that he had given the Abadis some artwork to auction. But while that person said he was happy with the price the Abadis got him, he would not let TIME use his name and said he was troubled by Southern Star using "misleading ads" to "cash...
Recent ads have directed readers to madoffhelpline.com, a bare-bones site that consists of a few sentences and an e-mail address. "Have You Been a Victim of Bernie Madoff Ponzi Scheme?" asks the grammatically challenged site, which also misspells Madoff's name: "If you have been a victim of the Maddoff ponzi scheme and would Like to liquidate your fine art or jewelry at one of our future auctions contact us with a brief description of your inventory...