Bankruptcy Judge Orders Madoff's brother to give up Aston Martin
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Bankruptcy judge orders sale of Peter Madoff's Aston Martin

By June 20, 2011

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Bernard Madoff's brother, Peter, had a sports car purchased by his brother's company taken away by a bankruptcy judge.

A Manhattan bankruptcy judge has ordered Peter Madoff, the brother of the infamous Bernard Madoff, to put his vintage Aston Martin sports car up for auction in order to pay off investors who were swindled by his brother's investment firm, according to various media outlets.

Court records state Madoff's firm paid nearly $270,000 for the 1958 MK III roadster only months before the collapse of Madoff's $65 billion Ponzi scheme in 2008. The car was registered under Peter Madoff's name although he reportedly never reimbursed the company for the vehicle.

Bankruptcy trustee Irving Picard is liquidating Madoff's firm in order to pay the famous con man's investors.

The Aston Martin will be sold in August during RM Auctios' annual vintage sports car sale in Monterey, California.

Aston Martin vehicles are all hand made and manufactured to have a distinctive and individual character, according to the company's website.

Madoff was the former chief compliance officer at his brother's firm. He had denied that he had any knowledge of his fraudulent business practices.

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