Assets of Bernie Madoff's brother for sale in online auction

Madoff Ponzi Scheme: Has the Money Been Recovered?

NEW YORK (AP) — The federal government is selling the personal assets of Bernard Madoff's brother, Peter, in an online auction.

Peter Madoff is serving a 10-year sentence at a South Carolina prison on fraud charges for his role in his brother's billion-dollar Ponzi scheme. He served as compliance officer at the firm.

The U.S. Marshals Service says the sale of the 420-lot auction began Thursday and ends July 7.

The assets include jewelry, watches, furniture and works of art.

The sale was ordered by a federal judge in May. A judge will decide how the money will be distributed.

The government previously sold Peter Madoff's Long Island mansion for $3.5 million.

Bernie Madoff was sentenced to 150 years in prison.

Read Full Story

Can't get enough personal finance tips?

Sign up for Finance Report by AOL and get everything from consumer news to money tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.