Court Filing Details Items Sent by Madoff

Court Filing Details Items Sent by Madoff - 1/8/2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

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Court Filing Details Items Sent by Madoff
Jack Healy and Alex Berenson

The New York Times. January 8, 2009
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EXCERPT: Bernard L. Madoff, the financier accused of running a $50 billion Ponzi scheme, violated his bail terms by sending his friends and family packages containing 13 watches, 4 diamond brooches, a jade necklace, two sets of cufflinks and other jewelry totaling at least $1 million, federal prosecutors argued in a legal brief released Wednesday. Prosecutors said Mr. Madoff had defied a judge’s orders not to dispose of any assets by sending the packages of jewelry and valuables, and they argued that his actions violated the conditions of his bail and made him an increased flight risk. They asked that Mr. Madoff be taken into custody. “The defendant has assets that cannot be effectively restrained, and his ties to New York have been largely severed by the loss of his New York business and his loss of status in the New York community,” prosecutors said in the court filing. Prosecutors, in the brief filed Tuesday, said most of the items sent have been recovered by the government. The brief said that two additional packages with unknown contents had been sent to Mr. Madoff’s brother and an identified couple in Florida. Mr. Madoff was charged last month with securities fraud but has remained free since posting bail of $10 million. He is accused of running a $50 billion Ponzi scheme. The magistrate judge, Ronald L. Ellis of United States District Court in Manhattan, is now expected to rule, possibly later today, on whether Mr. Madoff should stay under house arrest at his Upper East Side apartment, or be remanded to jail. Both sides were ordered to submit legal briefs on the matter by Wednesday. United States Attorney first asked for revocation of Mr. Madoff’s bail on Monday, arguing that the gifts violated conditions that barred him from disposing of any of his assets.

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