Federal prosecutors in Manhattan today asked a court to place alleged $50 billion Ponzi scheme operator Bernard Madoff in jail while they continue developing their case against him. Meanwhile, in Washington a Congressional panel was asking what the SEC could have done to prevent the scandal.
Government Wants Madoff in Jail Now: Meanwhile, Congress Seeks Answers to the Alleged $50 Billion Fraud
Disgraced financier Bernard Madoff leaves U.S. District Court in Manhattan after a bail hearing in... Expand
Disgraced financier Bernard Madoff leaves U.S. District Court in Manhattan after a bail hearing in New York, today. Prosecutors on Monday said Madoff violated bail conditions by mailing about $1 million worth of jewelry and other assets to relatives and should be jailed without bail.
A federal judge, perhaps predictably, questioned the validity of the government's request to put Madoff in custody considering that Madoff's current bail terms -- home confinement in his posh Manhattan penthouse -- had earlier been agreed upon by the government.
A federal prosecutor argued that cufflinks, watches, and other personal property purportedly worth $1 million had been shipped by Madoff and his wife to relatives and friends during the holiday season, and that this constituted a violation of the terms of bail because the "dissipation of assets" could potentially harm investors seeking to recoup any of their losses from investing w
Watch him skate to Israel.