Jan 5, 2009 7:50 pm US/Eastern
US Govt To NY Judge: Jail Madoff Without Bail
NEW YORK (CBS) ―
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Bernard L Madoff walks down Lexington Ave to his apartment on Dec.17, 2008, in New York City.
Don Emmert/AFP/Getty Images
Bernie Madoff could be headed from his posh Manhattan apartment to jail.
Prosecutors claim the disgraced financier violated his bail conditions by sending jewelry to his family.
Surrounded by a throng of cameras and reporters, Madoff left federal court Monday after the government tried to have his bail revoked.
However, despite the government's attempts, the widely reviled investor remained free on bond Monday evening.
Madoff was in federal court Monday afternoon with the U.S. Attorney's office saying he's guilty of obstruction of justice by trying to transfer assets in violation of his bail conditions.
Madoff, who is under house arrest, wears an electronic ankle bracelet and has put up a $10 million bond, apparently sent some jewelry to relatives and friends.
"The defendant has violated bail conditions, which forbade transferring any assets, but the defendant has taken jewelry and other valuables and transferred them to a third party. It may be in excess of $ 1 million," U.S. Attorney Mark Litt said.
But Madoff's attorney, Ira Sorkin, admitted some items were sent through the mail, but that most have now been recovered. He said there was no attempt to violate those conditions.
"The jewelry included what can best be described as heirlooms -- watches, pens, cufflinks -- given to Mr. Madoff by his granddaughter... and a pair of mittens bought for his daughter-in-law. The cufflinks were worth $25. There was no attempt to violate the terms of the bail conditions," Sorkin said.
Madoff, a 70-year-old former Nasdaq stock market chairman, is accused of duping investors out of as much as $50 billion in a giant Ponzi scheme.
Madoff, who was arrested Dec. 11 on securities fraud charges, owns yachts and mansions in New York's Hamptons and Palm Beach, Fla.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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