Bernie Madoff's Wardrobe Will Dress Up Your iPad for US$500

By: EW News Desk Team   Date: 16 August 2011

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EW News Desk Team

Always on the look out for the latest news to monitor the state of the world economy.

EconomyWatch, News Desk Team

 

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16 August 2011

Bernie Madoff is an incarcerated American felon, former stockbroker and investor, non-executive chairman of NASDAQ, and the figure behind what is considered the biggest Ponzi scheme in history. A new company, Frederick James, now provides sleek new lightweight designs from Madoff's clothes, to protect iPads.

According to the CNN, Madoff's clothes and personal possessions were sold at auction sponsored by the U.S. Marshals Service with proceeds going to help those who lost money from his scheme.

One of the bidders at the auction was John Vaccaro, 41, who had just launched a new company, Frederick James selling eco-friendly customized iPad covers made from cashmere and other fine fabrics. Vaccaro first conceived the idea for his unique covers after purchasing an iPad and searching for a cover that would prove to be both scratch-resistant and fashionable.

"There was nothing on the market at the time," said Vaccaro. "When a friend came over one day and left their cashmere sweater lying next to my iPad, I realized that material would make a perfect cover."

Vaccaro sought the advice of his friend, fashion designer Stephanie Doucette to learn how to transform vintage fabrics and remnants into iPad covers. When he saw an ad for cashmere sweaters being sold at the Madoff auction, he decided he could expand his line while helping Madoff victims.

 

"For some people in the finance world, these covers, made from Madoff castoffs, represent bragging rights," said Vaccaro. "For others, it's a chance to own a piece of history."

He estimates that he has enough fabric to sell a limited collection of 31 Madoff-themed covers. Once he breaks even with his auction purchase, he hopes to donate a portion of the proceeds to Madoff victims.

Vaccaro is currently focusing on selling one-of-a-kind iPad covers made from Madoff's Banana Republic chinos and Murphy & Nye sailcloth pants for between $250 and $500, while providing buyers with a certificate of authenticity, and a receipt from the auction.

 

Related: Is Madoff a Scapegoat Covering Up For Wall Street?

 

 


 


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