Pssst: Wanna Buy a Yacht or Cars? What Madoff Investors' Money Bought
Boy, does the U.S. Marshall have a deal for you! Why buy a 'cash-for-clunkers' car when you can get luxury transportation for land and sea?
The catch: the 61-foot yacht, Audi coupe, and Mercedes sedans were originally bought by Frank DiPascali, the former CFO at Bernie Madoff's investment firm, and the right-hand man of convicted Ponzi-schemer Bernard Madoff. According to a new lawsuit filed on Monday (see below), the roughly $2 million worth of toys were illegally paid for using Madoff client funds.
Just what did DiPascali buy with the Madoff firm clients' money?
- A 2003 Viking 61-foot yacht
- Original cost: $1,891,769.00
- Estimated used price: $1,100,000
- A 2009 Audi S5 Coupe
- Original cost: $50,000
- Estimated used price: <$40,000
- A 2007 Mercedes E350 4-Matic Sedan
- Original cost: $62,872
- Estimated used price: <$30,000
- A 2006 Mercedes ML500 SUV
- Original cost: $45,676
- Estimated used price: <$30,000
DiPascali and his wife cannot enjoy these luxury toys anymore, and Madoff investor's can only hope to recover a portion of what they were once worth.
Related Resources:
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- Madoff CFO DiPascali Pleads Guilty to Criminal Charges, FindLaw (Aug. 11, 2009)
- Bernard Madoff's Guilty Plea Allocution, FindLaw (Mar. 12, 2009)