Checks worth $173M in Madoff’s desk

Federal prosecutors said a New York trader accused of fraud had $173 million in signed checks ready for distribution when he was arrested in December.

The case against Bernard Madoff allegedly involves a $50 billion Ponzi scheme.

Prosecutors have petitioned to revoke Madoff’s bail, claiming he has attempted to disburse private assets.

The only thing that prevented the defendant from dissipating those assets was his arrest by the FBI on Dec. 11, wrote Assistant U.S. Attorney Marc Litt in papers filed in court Thursday, the New York Daily News reported.

Judge Ronald Ellis is expected to rule by Monday whether Madoff’s $10 million bail would be revoked.

Even after his arrest, Madoff allegedly tried to send valuable assets to family and friends, mailing $1 million worth of jewelry on Christmas Eve, the Daily News said.

Madoff’s lawyers said he was attempting to mail family heirlooms to his close relatives and a couple in New York.

But, Litt wrote the sentimental baubles to the defendant are, in the posture of this case, valuable assets.