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Prosecutors: Nothing Innocent About Madoff's Package
By
Jen Chung
Published Jan 6, 2009
Modified Jan 6, 2009
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By
Jen Chung
Published Jan 6, 2009
Modified Jan 6, 2009
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Prosecutors say that (alleged) $50 billion Ponzi scheme mastermind Bernard Madoff should be in jail after violating his bail conditions by sending packages to relatives. The feds say he's transferring his assets, but Madoff's defense lawyer Ira Sorkin claims they were just innocent gifts—the Post describes some objects as "expensive watches, pens, cufflinks and a $200 pair of mittens meant as a Hanukkah gift" and the Daily News adds there was jewelry and that the packages were apparently worth $1 million.
Sorkin also said that these gifts were included in the asset accounting Madoff and his wife provided at the end of the year and added, "We believe the children brought [the packages/gifts] to the attention of the government." Madoff's two sons were the ones to report their father's fraudulent activity to the government last month.
Federal prosecutor Marc Litt said, "The case against the defendant is strong and it continues to grow stronger as the government’s investigation continues. Given the defendant’s age, the length of the likely sentence, the strength of the proof against the defendant, including his confessions, these facts present a clear risk of flight.” (It's suspected Madoff may have money in off-shore accounts.) The NY Times also notes, "The newly aggressive stance by prosecutors appeared to represent a serious deterioration in relations between the government and Mr. Madoff."
The judge is considering revoking Madoff's bail and gave both sides until Thursday to file legal briefs.
Tagged
assets
bail
Bernard Madoff
fraud
Jewelry
money
ponzi scheme
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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