Jan 9, 2009 9:24 am US/Eastern
Madoff Awaits Fate: Jail Or Bail?
NEW YORK (CBS/AP) ―
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Bernard Madoff, 76, may have scammed the many investors who trusted him with their money out of $50 billion.
AP
Disgraced financier Bernard Madoff could find out soon whether he'll be sent to jail.
A federal judge could rule Friday afternoon on the prosecution's bid to revoke Madoff's bail. He's now wearing an electronic ankle bracelet while confined to his $7 million Manhattan penthouse.
Prosecutors claim Madoff has been trying to protect his assets from investors burned by a $50 billion fraud.
They say he sent $1 million worth of jewelry as holiday gifts. Before his arrest, they say, he was ready to send 100 signed checks worth $173 million to family and friends.
The defense says Madoff has offered to give up properties in Manhattan; Montauk, N.Y.; Palm Beach, Fla.; and Antibes, France -- along with four boats and three cars. The U.S. properties alone are valued at more than $19 million.
Assistant U.S. Attorney Marc Litt said Madoff has attempted to distribute some of his wealth over the last month.
"The only thing that prevented the defendant from executing his plan to dissipate those assets was his arrest by the FBI on Dec. 11," Litt said.
Earlier this week the government said Madoff and his wife sent through the mail jewelry worth some $1 million, including 16 watches, some with diamonds from Tiffany and Cartier, four diamond brooches, two sets of cuff links and an emerald ring.
Madoff has posted $10 million bail, signed over three homes, and is under 24 hour house arrest.
Madoff's attorney has said Madoff is not a flight risk.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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