Ponzi

Brown ran a company called “In God We Trust Financial Services” and several others under different names in Virginia and Maryland pushing an investment scheme that gave the appearance that people were sending him up to $1 million. Brown spent his money of a variety of flashy cars including a 2007 Lamborghini Murcielago, a 2005 Rolls Royce Phantom, a 2004 Mercedes Benz Maybach 57, a 2006 Aston Martin and many more. A total of 17 cars are being sold, the complete list is at Mahheim Auctions. The auction takes place at the Manheim Baltimore-Washington location, 7120 Dorsey Run Road, Elkridge, MD, 21075.

Make sure you don’t get caught in a Ponzi scheme, check out the tips below on how to avoid shady investments.

Ponzi Schemer’s Luxury Cars Go Up For Auction originally appeared on Luxist on Mon, 28 Feb 2011 19:01:00 EST. Please see our terms for use of feeds.

Two years now since the collapse of Bernie Madoff’s massive Ponzi scheme, the picture of the largest fraud ever perpetrated is becoming clearer all the time. And while Madoff himself insisted that he acted alone, investigators and prosecutors insist that a fraud of such magnitude would have to have required the complicity and support of an entire team. To that end, indictments have been handed to two additional former Madoff employees, who now await prosecution.

The indictments were reportedly handed to Jo Ann “Jodi” Crupi and Annette Bongiorno, both having been arrested by FBI agents and remain in custody pending $5 million in bail to be posted for each. The number of those indicted in the Madoff case has now reached eight as authorities strive to put the pieces back together.

Authorities Arrest Two More in Madoff Case originally appeared on Luxist on Tue, 23 Nov 2010 21:02:00 EST. Please see our terms for use of feeds.

A Steinway & Sons grand piano made $42,000 but other auction items were all over the place. A king-sized bed that belonged to the couple went for $2,250 . The bed’s buyer, Tally Wiener, a lawyer who helped liquidate Fairfield Sentry, a fund that fed money into Madoff’s accounts before going under, has said he will offer the bed to Mrs. Madoff. Oddly enough Madoff’s shoes, perhaps an obvious symbol of his profligate spending, seemed to do particularly well. A pair of black velveteen slippers with his initials in gold thread sold for a whopping $6,000 and a pair of shoes from the Manhattan store Belgian Shoes brought $2,900. What’s even stranger is that 11 pairs of unused designer boxer shorts and 200 pairs of socks sold for $1,700 to one unidentified man.

Proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of this multi-billion dollar fraud. Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $28 million haven’t come close to chipping away at the billions Madoff swindled from his investors. Maoff’s New York City penthouse was sold to Al Kahn, the CEO of 4Kids Entertainment. That home had been most recently listed at $8.9 million, $1 million off the original price. Madoff’s Montauk house sold for $9.41 million around a year ago, more than the $8.75 million for which it was listed. Madoff’s Palm Beach home was the last to sell and was most recently listed at $6.5 million. A trio of yachts brought in around $1 million last year.

Madoff’s Possessions Bring In Over $2 Million originally appeared on Luxist on Mon, 15 Nov 2010 21:01:00 EST. Please see our terms for use of feeds.

“A diamond ring, grand piano, and personalized items are just a few of the lots that will be put up on the auction block”, said Joseph R. Guccione, U.S. Marshal for the Southern District of New York. “These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoffas residences in New York City and Montauk, N.Y.” The ring, shown above is a 10.54 carat diamond set in platinum with a GIA certificate stating that it is VS2 in clarity and F in color. Other items include a Steinway & Sons grand piano and a pair of monogrammed velvet slippers.

Proceeds from the auction will be deposited in the United States Department of Justice Asset Forfeiture Fund to compensate the victims of this multi-billion dollar fraud. Even though the government has sold three homes, yachts and other Madoff belongings the total proceeds of approximately $25 million haven’t come close to chipping away at amount Madoff swindled from his investors.

More Madoff Items Up For Auction originally appeared on Luxist on Thu, 21 Oct 2010 00:01:00 EST. Please see our terms for use of feeds.

Remember back in the day when wine came only in bottles? Then came boxed wine. But even that is essentially a bag inside a box. But now Californian vineyard Indulge Wines is cutting the box out of the equation with wine in a bag.

The winery based in Buellton, Santa Barbara County, is offering a 2009 Sauvignon Blanc and a 2009 Pinot Noir in 1.5-liter bags that are equivalent to two regular-sized bottles. And while they may not seem as classy, they do offer several benefits. One is portability, in that the bags are lighter to transport both for the buyer and for distribution, the “Astrapouch” accounting for only 2% of a full bag’s total weight. There’s also less waste, and the wine is set to keep for 30 days after opening.

[Source: Indulge Wines via Slashfood]

Indulge Wines Thinks Outside the Box originally appeared on Luxist on Thu, 24 Mar 2011 15:01:00 EST. Please see our terms for use of feeds.

Their latest release is a 2009 Pinot Noir, Tavola, which is a “blend from our Avellana, Abetina, Linda Vista, Madrona, Aurora, Buteo and Estate vineyards, as well as fruit from sustainably grown vineyards located in the Dundee Hills, Yamhill-Carlton and Eola Hills AVAs.” I was able to try it myself and found it to be delightful and surprisingly refreshing for a red, with bright fruity overtones and a definite lean to the sweet side. It’s smooth, well-balanced, and has a soft, lingering finish. Raspberries, strawberries, and spices are prominent on both the nose and the palate. I imagine it would go well with a variety of meals but we paired it with pan-seared salmon and a butternut/pork belly hash and it was great. Overall it gets a 7.5 out of 10.

Ponzi Vineyards 2009 Pinot Noir, Tavola, Willamette Valley, $25.

Wine Review: Ponzi 2009 Pinot Noir Tavolaa originally appeared on Luxist on Tue, 15 Mar 2011 15:02:00 EST. Please see our terms for use of feeds.