Bernie Madoff will continue to await trial from his $7 million Manhattan penthouse, despite attempts by prosecutors to have him sent to jail on charges he violated terms of his bail by attempting to protect his assets from the investors he burned in his alleged $50 billion Ponzi scheme.
Madoff has been confined to his lavish digs since his arrest, and was being monitored by an ankle bracelet. But prosectors claimed while out on bail, he sent $1 million worth of jewelry to friends and family as holiday gifts. Prosecutors said that the gifts were grounds to have his bail revoked because what's left of Madoff's assets will eventually be returned to burned investors.
Madoff's lawyers called the sending of the gifts an innocent mistake.
The prosecution's argument appeared consistent with a discovery of 100 signed checks worth $173 million that Madoff was ready to send out to his closest family and friends at the time he was arrested last month. Investigators found the checks in his Midtown office.
In the court filing against Madoff, Assistant U.S. Attorney Marc Litt said Madoff cannot be trusted because he had long engaged in a "scheme that required the defendant to lie routinely to thousands of people and a scheme which has caused extraordinary damage to individuals, families, and institutions all over the world."
The defense says Madoff has offered to give up properties in Manhattan; Montauk, N.Y.; Palm Beach, Fla.; and Antibes, France -- along with four boats and three cars. The U.S. properties alone are valued at more than $19 million.
Litt said Madoff has attempted to distribute some of his wealth over the last month.
"The only thing that prevented the defendant from executing his plan to dissipate those assets was his arrest by the FBI on Dec. 11," Litt said.
Earlier this week the government said Madoff and his wife sent through the mail jewelry worth some $1 million, including 16 watches, some with diamonds from Tiffany and Cartier, four diamond brooches, two sets of cuff links and an emerald ring.
Madoff has posted $10 million bail, signed over three homes, and is under 24 hour house arrest. His attorney has said his clientis not a flight risk.
Madoff delivered impressive returns to investors for decades before authorities say he told his sons that it was "all just one big lie" and "basically, a giant Ponzi scheme."
(Source: WCBSTV)
http://www.theyeshivaworld.com/article.php?p=28739
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