Prosecutors want Madoff in jail

Manila News.Net
Friday 9th January, 2009

US prosecutors have alleged Bernard Madoff was ready to send out $173 million dollars in signed cheques when he was arrested last month.

According to prosecutors, the cheques were further evidence that Mr Madoff wanted to keep his assets out of reach of his investors.

Madoff was also accused of sending more than $1 miollion worth of jewellery to friends and family over the Christmas holidays.

Due to these and other claims, prosecutors have argued that Mr Madoff should have his bail revoked and be kept in jail until his trial.

Mr Madoff, who is accused of running a fraudulent $50 billion pyramid scheme, is currently under house arrest in his New York penthouse.

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