The Woman In Charge Of Selling Madoff's Stuff

The US Marshals Service has a $1.3 billion “asset forfeiture” business.  Here’s the CEO:

Justin Blum, Bloomberg: Sally Schowalter…works for the Marshals Service, though she doesn’t carry a badge or a gun. Her job entails getting the best price for confiscated real estate such as the Florida house, appraised this year for $7.67 million by Palm Beach County. With the Madoff house, the hazards for those who work with Schowalter can be unusual — including flying dog poop hurled by a disgruntled passerby…

Schowalter flew to Palm Beach last week to make sure the house is clean, Madoff’s handmade Belgian shoes are out of sight and the best real estate agent is hired to market the property…

Schowalter is the real property team leader for a group of 10 people. They work out of agency headquarters in Crystal City, Virginia, just outside Washington, and manage and sell properties obtained in cases investigated by agencies including the Federal Bureau of Investigation and Drug Enforcement Administration. They also assist prosecutors in making decisions about property targeted for forfeiture.

“We have the crack house to the penthouse,” Schowalter says…

The Marshals Service asset forfeiture operation — which also handles items such as boats, jewelry and cars — generated $1.32 billion in the fiscal year that ended Sept. 30, 2008, according to the agency.

Proceeds from some forfeited properties go to victims. Sales of other properties pay the salaries of Schowalter and other administrative staff in the Marshals’ asset forfeiture operation.

Schowalter’s husband, Michael, jokes that crime pays — her salary.

Read the whole thing >

See Also: Buy Bernie Madoff’s Beach House For $9 Million

Photo excerpt: Bloomberg

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