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‘Madoff’ auction canceled in North Carolina

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GREENSBORO, N.C. (AP) – An auction in Greensboro that seemed to offer items from Bernie Madoff was canceled after North Carolina regulators said organizers lacked proof most of the items came from the imprisoned Ponzi schemer.

The News & Record of Greensboro reported Monday that Adam Levinsohn of East Coast Financial canceled the auction Sunday in front of about 50 potential bidders.

An investigator with the North Carolina Auctioneer Licensing Board says Levinsohn had to be able to prove that 51 percent of the items came from Madoff.

A newspaper ad said in bold type that the auction items “will be liquidated to the highest bidder to recover losses from PONZI SCHEME.”

Much smaller print said: “Items available for auction did not belong to Bernie Madoff but are being offered by victims of the ponzi scheme to recoup losses.”

Information from: News & Record

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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An auction in Greensboro that seemed to offer items from Bernie Madoff was canceled after North Carolina regulators said organizers lacked proof most of the items came from the imprisoned Ponzi schemer.

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