A vintage Aston Martin automobile previously owned by Peter Madoff, brother of Bernard L. Madoff, will go on the auction block to help pay the jailed con man’s former investors.
Irving Picard, the trustee liquidating the Madoff firm in New York, asked a judge to approve the sale in a court filing yesterday.
A 1964 Aston Martin was delivered to Peter Madoff at his residence in Palm Beach, Florida in 2008, according to court documents. Bernard Madoff’s U.K. firm, Madoff Securities International Ltd., wire-transferred about $200,000 to the Aston Martin company to buy a car for Peter Madoff, according to the documents, filed by liquidators of the U.K. firm in 2009.
RM Auctions, a car-auction company, will sell the car at the Monterey Auction in California in August, according to Picard.
Picard has sought a total of $198.7 million from Peter Madoff and other members of Bernard Madoff’s family, including his son Mark, who committed suicide in December, and niece Shana Madoff Swanson, who all had jobs at the defunct firm, according to court documents.
Peter Madoff was chief compliance officer at Bernard L. Madoff Investment Securities LLC. He was among those to whom Bernard Madoff confessed shortly before his arrest, according to Ira Sorkin, a lawyer for Bernard Madoff. Peter Madoff also co-signed Bernard Madoff’s $10 million bond following the money manager’s arrest.
Picard said in November he was trying to locate assets of the con man’s U.K. unit, including an Aston Martin and a yacht.
The main case is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, 08-ap-1789, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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