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Bernie Madoff’s underwear made into iPad covers

Clothes belonging to convicted Ponzi fraudster Bernie Madoff are being made into iPad covers, news reports have claimed.

John Vaccaro, a technology entrepreneur, has set up new company Frederick James and is selling the iPad accessories for $500 per item.

He purchased the clothing at an auction of Madoff’s possessions held to raise money to give back to victims of the $64 billion Ponzi scheme.

The first iPad covers are thought to have been made from clothes including a cardigan, a Christian Dior sweater and Ralph Lauren underwear.

Mr Vaccaro told the New York Post: “People want these because he's somebody who did something bad.

"Given the economic situation of the past week, I think there's an interest in the financial sector in Madoff that there might not be for other celebrities."

The business man is looking to make a donation from the profits to Madoff’s victims once he has recouped costs on his initial investment.

Madoff is currently serving a 150-year prison sentence for his leading role in the fraud.

By Jim Ottewill