Offbeat

iPad Covers Made from Bernie Madoff’s Clothes

Last November, the clothes and personal possessions of disgraced financier Bernie Madoff were sold at an auction sponsored by the U.S. Marshals Service. All the proceeds went to those whose money he stole before the largest Ponzi scheme in US history crumbled to the ground in 2009. Madoff was sentenced to 150 years in prison, and somehow even that is not enough.

John Vaccaro, a New York based entrepreneur, heads a company named Frederickjames.com. It features eco-friendly customized iPad covers made from cashmere and other fine fabrics. He attended the auction and purchased all of Madoff’s cashmere sweaters and 16 pairs of designer pants, hoping to expand his product line and help Madoff victims at the same time.

Vaccaro saw the need for scratch-resistant and fashionable iPad covers when a visiting friend left a cashmere sweater lying next to his iPad. He realized that it was the perfect fabric for an iPad cover. He immediately sold five covers made from Madoff’s cashmere sweaters to a Wall Street attorney.

Fashion designer and friend, Stephanie Doucette, advised him about how to go about transforming the expensive fabric into usable iPad covers that have become bizarre status symbols.

In Vacarro’s own words:

“For some people in the finance world, these covers, made from Madoff castoffs, represent bragging rights…For others, it’s a chance to own a piece of history.”

Vaccaro is currently focusing on selling one-of-a-kind iPad covers made from Madoff’s Banana Republic chinos and Murphy & Nye sailcloth pants. These are selling for between $250 and $500. Buyers are given a certificate of authenticity, and a receipt from the auction. After he makes back what he paid at the auction, Vacarro plans to donate a portion of the proceeds to victims of Bernie Madoff.

Vaccaro’s business plan is to continue selling lightweight protective iPad covers constructed from luxury fabrics. His current collections include “The Lodge,” inspired by hunting and skiing material, the wool and silk classic pinstripes of “The “Office” and “The Island” which features rayon and polyester crepe fabrics lined with double-knit wool.

The pleasure of seeing Madoff’s clothing cut up into shreds was no doubt a psychological selling factor. After all, he shredded the lives of many people with his own insatiable greed.

Stlll, can an iPad be cursed somehow with threads that he once wore that he purchased with money he stole?

That remains to be seen. In the meantime, hats off to a very clever entrepreneur!

 

Leave a Comment

  1. @TexTex says:

    Here’s someone worse than Madoff. Read then forward this link to everyone you know, so they don’t get scammed: http://texsquixtarblog.blogspot.com/2009/04/who-i

  2. Hello! I have an iPad and I mainly use this device to play games and teach the children that I tutor every Saturdays. 🙂