Feds: Jail Madoff For Violating Bail 4:29 PM ET: Federal prosecutors are asking a judge to throw alleged $50 billion Ponzi-schemer Bernie Madoff — currently out on bail — in jail for mailing $1 million worth of assets to third parties. According to assistant U.S. attorney Marc Litt, testifying in Manhattan federal court today, Madoff and his wife Ruth mailed five items, including "very valuable jewelry," Bloomberg reported, to others, violating the terms of his asset freeze.
The act violated Madoff’s bail — he is under house arrest in his apartment — Litt said, so Madoff should be sent to the slammer. Madoff’s defense lawyer, Ira Sorkin, disputed that his client has violated the terms of his bail. The government has recovered three of the items, Litt said.
Jan. 5 (Bloomberg) — Bernard Madoff, awaiting trial for securities fraud, remained free on bail while a federal judge considered a request by prosecutors to send him to prison for mailing $1 million of valuables in violation of an asset freeze.
Madoff disposed of five items including “very valuable jewelry,” Assistant U.S. Attorney Marc Litt said today in Manhattan federal court. The government has three of the items, Litt told U.S. Magistrate Judge Ronald Ellis. Defense lawyer Ira Sorkin said the objects, including watches and cuff links, were heirlooms innocently sent to Madoff’s relatives. Sorkin said he told his client to retrieve them and alerted the government.
The Securities and Exchange Commission was given a list of disgraced businessman Bernard L. Madoff‘s personal assets last week, as government regulators try to size up the remaining wealth of the alleged Ponzi scheme operator. Madoff handed over an accounting of all of his investments, loans, lines of credit, business interests, brokerage accounts and other holdings, including possible offshore accounts. According to federal court documents, his assets total an estimated $200 million to $300 million, but federal regulators are refusing to make the list public.
While that debate rages, the Post Investigations blog decided to round up what is known about Madoff’s holdings from public records and published accounts:
- A Palm Beach, Fla., mansion located at 410 N. Lake Way. Price tag: $9.4 million
- A pricey New York penthouse on the Upper East Side, located at 133 E. 64th St., No. 12A.Price tag: $7 million.
- A 55-1/2-foot wooden fishing boat, purchased in 1977 for $462,000
- Country club memberships in Palm Beach, Fla., and Amagansett, N.Y.
- An East Hamptons, N.Y., getaway, located at 216 Old Montauk Highway on Long Island. Price tag: $3 million.
- Madoff’s 17th floor New York office,Price tag: $3 million to $5 million.
- From vintage watches from George Somlo, Tiffany & Co. wedding bands and Savile Row suits, Madoff apparently spared no expense when it came to personal accoutrements.
- He also owns a gray outfitted Brazilian-built Embraer Regional Jet 145, which costs roughly $29 million, along with stock in BLM Air Charter.
- A small villa overlooking Cap d’Antibes on the French Riviera; a Mayfair office in London; and a yacht on the Mediterranean. His office at 12 Berkeley Street in London is "modest," according to the Evening Standard, but still pricey. And Madoff had stored millions in capital in the British subsidiary.
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