Pawn shop draws Madoff investors

ROYAL PALM BEACH, FL -- The fallout from an alleged ponzi scheme continues to ripple through our community.
 
Billions of dollars were allegedly lost at the hands of reputed financial wizard, Bernard Madoff.

Since Madoff’s arrest one local Pawn Shop says it’s seeing a new breed of clientele.

It was an unusual weekend at Royal Pawn & Jewelry.

Inside, the store looks like any other Pawn Shop with items ranging from jewelry to electronics.

But co-owner, Levi Touger, says the high-priced items recently obtained are being kept out of view. 

Touger says new clients, mostly Palm Beachers, have approached him for fast loans on big ticket items. 

After news of Madoff’s arrest for allegedly running a ponzi scheme that reportedly lost about $50 billion dollars, many are contacting the store in anticipation that they could be included in the long list of victims. 

He says most just want the security that they’ll be able to get cash fast if they need to but plenty have already placed expensive items in his care, items that without these unique circumstances you would never see in a Pawn Shop.

“From fine art to high to high end jewelry to high end cars to high end yachts, these are stuff that I never had to deal with on a day-to-day basis and people are saying,’What could you give me on a Ferrari?’ said Touger.

Customers popped in throughout the day, hoping to snag a good deal on some of the luxury items the Palm Beachers have brought.  Touger says because those items just recently came in, the owners have 60 days to pay back their loans with interest and buy their items back.

Madoff is expected in court this afternoon to fulfill the final conditions of his $10 million dollar bail.

The FBI has set up a hotline for investors who believe they may have been victmized by Wall Street Money Manager Bernard Madoff.

FBI-Madoff Hotline : (212) 384-2359