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Prosecutors seek Madoff bail revocation

Posted on: Monday, 5 January 2009, 18:51 CST

Federal prosecutors Monday tried to get fallen financier Bernard Madoff tossed in jail, saying he tried to hide at least $1 million in assets.

Madoff, the U.S. attorney's office alleged, should be behind bars, not ensconced in home detention in a Manhattan penthouse, because he tried to hide valuable watches and jewelry from investigators.

However, the presiding magistrate judge didn't rule immediately on the bail revocation request, The New York Times reported. Prosecutors must submit a filing supporting their request by the end of the day Tuesday, and Madoff's attorneys have until the end of the day Wednesday to respond, the Times said.

Madoff is accused of defrauding investors out of up to $50 billion. A government-appointed receiver has now taken over his firm, and the Securities and Exchange Commission and FBI are conducting an investigation.

Assistant U.S. Attorney Marc O. Litt said in late December Madoff had mailed valuables to members of his family and friends in violation of his bail agreement, which barred him from disposing of any assets.

One of his attorneys, Ira Lee Sorkin, said at the bail hearing that Madoff should not be jailed because he had not intended to violate the agreement.

Madoff has been confined to his luxury Manhattan apartment and is guarded by private security guards paid for by his wife.

Source: United Press International

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