Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Feds: Madoff Had $173 Million in Checks for Friends, Family, Others
By
Jen Chung
Published Jan 8, 2009
Modified Jan 8, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Jan 8, 2009
Modified Jan 8, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Federal prosecutors claim that Bernard Madoff had 100 checks in his desk—about $173 million worth, made out to friends, family, and employees— and that he would have sent them out, if not for the FBI arresting him. Madoff, who admitted that his investment empire was actually a Ponzi scheme of up to $50 billion, has been under house arrest (he put up $10 million in bail), but the U.S. Attorney's office wants him in jail, noting the many checks plus the packages of expensive jewelry he mailed to relatives are signs he's trying to hide assets.
Assistant U.S. Attorney Marc Litt wrote in a letter to the judge, "The defendant’s recent distribution of jewelry and watches demonstrates a continuing intention to benefit those close to him to the detriment of his victims." Of Madoff's lawyer's claim that these were an innocent mistake while trying to get in touch with family, Litt said, "That’s what telephones, e-mails, and personal letters are for." The feds also point out that Madoff's lawyers are neglecting to mention that their client wanted to distribute the remaining $200-300 million in investors' assets before turning himself in for the scam.
The feds are also unhappy that Madoff stopped cooperating with them, as they try to find out where the money went. Magistrate Judge Ronald Ellis will decide whether to revoke Madoff's bail tomorrow or Monday; we hope he read this Times story about the senior citizens in a nursing home who may have lost all their savings with Madoff.
Update: Now Reuters reports that Madoff transferred $160 million of his own assets to his UK firm back in 2007. Britain's Serious Fraud Office is investigating.
Tagged
Bernard Madoff
checks
fraud
package
Ponzi scam
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Early Addition: There's a new hot duck, this time in Queens
Because a mandarin duck has been frolicking in Flushing, here are your early links: RHONY star racked up a lot of parking tickets, 57 best Italian restaurants in New Jersey, Judi Dench said the "Cats" movie was bad and more.
By
James Ramsay
Published Oct 20, 2026 at 9:40 a.m. ET
NYPD hate crime unit investigates smashed windows, ‘Pal Action’ graffiti at UES Capital One
The bank previously faced protests over a $90 million loan to an Israeli drone company.
By
Ryan Kost
News
NYPD hate crime unit investigates smashed windows, ‘Pal Action’ graffiti at UES Capital One
The bank previously faced protests over a $90 million loan to an Israeli drone company.
By
Ryan Kost
A reliably Republican part of NJ, until ICE came to town
By
Mike Hayes
NYC school integration debate exposes tensions between Black parents and Mamdani
By
Elizabeth Kim
Queens man charged with hate crime at Jewish-owned bagel shop displaying Israeli flags
By
Giulia Heyward
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .