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Pssst: Wanna Buy a Yacht or Cars? What Madoff Investors' Money Bought

By Joel Zand on August 25, 2009 11:06 AM

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?

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.

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