Madoff’s Long Island house sold for over 8.75 million dollars

New York, Sep 18(ANI): Multi-billion dollar Poziking Bernard Madoff’s Long Island house has been snapped up by an unidentified buyer days for over 8.75 million dollars.

According to reports, a spokeswoman for property broker Corcoran Group said that an unidentified buyer or buyers have snapped up the property after the U.S. Marshals Service put the seized property on the market.

The U.S. Marshals Service had put the house on sale on September 1 to help repay victims of Madoff’s massive investment fraud, CBS News reports.

The 3,000-square-foot, four-bedroom house is set on a 1.2-acre plot amid dunes in Montauk, located on the south shore of Long Island. The house is modest by neighbourhood standards, but boasts of stunning views along the Atlantic Ocean.

Madoff was convicted after committing a fraud of over 60 billion dollars. He pleaded guilty to an 11-count criminal complaint, and had admitted to defrauding thousands of investors of billions of dollars.

He was sentenced to 150 years in jail in June after pleading guilty to orchestrating the multi billion-dollar Ponzi scheme. (ANI)

Sea levels rose as much as 2 feet this summer along the US East Coast

Washington, September 12 (ANI): Reports indicate that sea levels rose as much as 2 feet (60 centimeters) higher than predicted this summer along the US East Coast, surprising scientists who forecast such periodic fluctuations.

According to National Geographic News, though the immediate cause of the unexpected rise has now been solved, the underlying reason remains a mystery.

Usually, predicting seasonal tides and sea levels is a pretty cut-and-dried process, governed by the known movements and gravitational influences of astronomical bodies like the moon, according to Rich Edwing, deputy director for the Center for Operational Oceanographic Products and Services at the US National Oceanic and Atmospheric Administration (NOAA).

But, NOAA’s phones began ringing this summer when East Coast residents reported higher than predicted water levels, much like those associated with short-term weather events like tropical storms.

These high seas persisted for weeks, throughout June and July.

The startling rise caused only minor coastal flooding, but puzzled scientists.

Now, a new report has identified the two major factors behind the high sea levels-a weakened Gulf Stream and steady winds from the northeastern Atlantic.

The Gulf Stream is a northward-flowing superhighway of ocean water off the US East Coast.

Running at full steam, the powerful current pulls water into its “orbit” and away from the East Coast.

But this summer, for reasons unknown, “the Gulf Stream slowed down,” Edwing said, sending water toward the coasts-and sea levels shooting upward.

Adding to the sustained surge, autumn winds from the northeastern Atlantic arrived a few months early, pushing even more water coastward.

The higher waters caused inconveniences for some anglers and boaters and rearranged a bit of shoreline.

“A couple of sand beaches we’d normally fish from were eaten up. And the volume of water was higher than it normally would be,” said Paulie Apostolides, owner of Paulie’s Tackle in Montauk on New York State’s Long Island.

Even before the new report, released by NOAA on September 2, Apostolides said that many local fishers had already attributed the sea level rise to the “ferocious” winds from the northeast. (ANI)

Jackson’s 1984 portrait up for grabs

New York, July 4 (ANI): A “Michael Jackson” painting created by King of Pop Art Andy Warhol in 1984 has been under the hammer at the Vered Gallery of East Hampton.

The portrait depicts a smiling King of Pop in his red military uniform from his hit album “Thriller”.

Ruth Vered, who owns the gallery, said that the 30-by-26-inch, synthetic polymer painting on canvas could be estimated to fetch millions of dollars at the auction, which ends on July 12.

“We estimate this painting, created in 1984, will sell for 1 million to 10 million dollars,” the New York Daily News quoted Vered as saying.

Gallery co-owner Janet Lehr added: “This auction is an unparalleled moment. Warhol in the Hamptons is so important because he’s a monumental figure who had a spectacular oceanfront estate in Montauk. So we have the meetings of the world’s greatest artists in the fields of art and music.” (ANI)

Bernie Madoff was a bad tipper, says posh resort’s staff

New York, February 17 (ANI): Bernie Madoff, who is under house arrest for running a 50-billion-dollar scam, has been dubbed as a one-dollar-guy by staff at a posh Montauk oceanfront resort.

The Wall Street fund manager, who was said to be a regular at Gurney’s, allegedly held the reputation of being a bad tipper around the hotel spa.

“He won’t be missed. Bernie was strictly a buck-a-towel guy,” the New York Post quoted one employee as telling a source.

The 70-year-old was alleged to have conned many with Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.

Amongst many investors from all over the world who had fallen victim to his fraud included wealthiest woman in the world and heiress to the L’Oreal empire Liliane Bettencourt, Alicia Koplowitz, the Spanish billionaire and director Steven Spielberg. (ANI)