Madoff to reveal his possessions

New York, December 28: The founder of Bernard L. Madoff Investment Securities LLC may have bamboozled many big names including movie director Steven Spielberg, real-estate developer Mortimer Zuckerman and publisher Mortimer B. Zuckerman. But now, it’s his turn to reveal it all.

The 70 year old con man has to provide details of his reserves, advances, lines of credit, business units, brokerage accounts and other holdings to the SEC before the end of the year. He has timeline till Jan. 26 to provide a similar list of his foreign business units.

U.S. district Judge Louis Stanton in Manhattan ruled that the list must include all assets held for Madoff’s "direct or indirect benefit". It must describe "the source, amount, disposition and current location of each of the items listed."

Madoff had scripted his fraud ponzi scheme to perfection. His Ponzi scheme was unique in the sense that it preyed on national and international residents, lasted much longer than expected and knew no borders, no limits. He was finally arrested on Dec. 11 from his Manhattan apartment, and indicted of managing an unlawful money-management operation.

If Madoff is convicted, he may have to serve 10 years in prison and a $5 million fine. Bernard Madoff managed to manufacture profits for 17 years on the trot. He allegedly kept many books of accounts and managed to create his own statements. He hid his tricks from the watchdogs for many years. Time after time, he disbursed money invested by fresh depositors to the existing clients.

The record of Madoff's assets may give direction to the agitated investors to vent their anger. Hedge funds and charities will get a target from where they can seek the return of their funds.

Meanwhile, a Bernard Madoff disaster-recovery kit is up for auction on EBay. Few other items like a flashlight and backpack carrying the insignia of Bernard L. Madoff Investment Securities LLC are also up for public sale.

For the tech savvies, internet domain names ‘BernieMadoff.com,’ ‘Madoffscrewedus.com’ are also for sale on EBay. They have not received any bid though.