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Bernie Madoff's pants protect your iPad for $500

Eco-friendly iPad case maker Frederick James has turned Bernie Madoff's auctioned pants into limited-edition iPad sleeves. The sleeves cost up to $500, making them a questionable investment.

Madoff Collection iPad sleeve
Once, these green Murphy & Nye Sailmakers pants were wrapped around Madoff's legs. Now they're destined for your iPad. at left, a Madoff iPad sleeve made from Banana Republic pants. Frederick James
Madoff Collection iPad sleeve
Frederick James

Part of Bernie Madoff's punishment for perpetrating an epic investment scandal was the auction of many of his personal belongings. That included some tacky shoes, used underwear, and pants.

Sixteen pairs of those pants ended up in the hands of Frederick James, a site that sells recycled and eco-friendly iPad covers. Now you can swaddle your iPad in cloth that once swaddled Bernie Madoff's butt.

As you might expect from a businessman's clothing collection, most of the iPad sleeves are in shades of brown and khaki. The crooked Madoff also had a more colorful side to his wardrobe. There are some cases available in orange, green, and blue.

The sleeves cost between $250 and $500 each. Think of them as a new kind of Madoff investment, where he still manages to separate people from their money, even though he's in jail.

Frederick James says earlier versions of these cases were snatched up by bankers for Christmas gifts. Maybe you're a swindled investor who wants a token to remember Madoff by. Maybe you're just looking for a conversation piece for your next visit to Wall Street.

Lest you should think these are just any pants, Frederick James will give you a certificate of authenticity which should at least help the eventual eBay resale value. The covers are in very limited production. There are only so many pants to go around.

The Madoff Collection iPad sleeves may protect your screen, but they aren't guaranteed to protect you against Ponzi schemes. Invest wisely.