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Feds: Madoff Had $170 Million In Signed Checks In Desk

Federal prosecutors said moments ago that accused $50 billion Ponzi schemer Bernie Madoff had $173 million in 100 signed checks in his New York office desk at the time of his arrest, ready to mail out to friends, family members and employees.

Prosecutors say the checks are further evidence that Madoff was trying to hold on to his ill-gotten wealth and keep it from investors.

Also, a judge will rule on Friday or Monday whether Madoff should be allowed to stay under house arrest in his Manhattan luxe apartment or whether he should go to jail, as federal prosecutors are urging.

P.S. Maybe one of those signed checks was a severance payment to Madoff's former London office manager, Julia Fenwick, who was so angry she didn't get a severance check after Madoff was arrested that she gave a long interview to a British paper detailing Madoff's luxury tastes and weird behavior.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 8, 2009; 12:59 PM ET
Categories:  The Ticker  | Tags: Madoff  
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Maybe Madoff should have hidden $250,000 in the banana stand . . . there's always money in the banana stand.

Posted by: fallschurch1 | January 8, 2009 1:58 PM | Report abuse

This slimy scumbag should not only be in jail, but every so called stolen heirloom, should be confiscated along with every penny that can be found and taken from him, his family and those who profited from his ill gotten gains. They should all be left with nothing but the clothes on their backs.

He and his cohorts, are far worse and more dangerous than any two bit thief. The breathe of their crimes is incorrigible and deserves the highest punishment.

Posted by: tpagotie | January 8, 2009 4:07 PM | Report abuse

Any doubt he's a Republican? He has shown the full colors, the brazen behavior, the cavalier attitude, the home-cooked arrogance of elitism. The fake religious adhereance. He's got it all. .

Posted by: ScottChallenger | January 8, 2009 5:11 PM | Report abuse

"tpagotie" Hit it right on the head - he needs to be in jail. If this guy was someone that walked into any establishment and walked out with their "stuff" - be it money or merchandise- he'd be in jail. Given the amount of money involved in this scandal, EVERYTHING of his and his family should be conficated. This is nothing less than ENRON all over again. They didn't take enough from those crooks either. I like the way the Chinese punish their big offenders - death penalty!

Posted by: HumanofEarth | January 8, 2009 5:42 PM | Report abuse

I think people are anti-semitic just picking on Madoff when others have done worst.

Posted by: sean11 | January 8, 2009 6:18 PM | Report abuse

One key lesson. Minor-player scumbags can not do large-scale Ponzi schemes. It was Madoff's credibility and purported track record that convinced people to entrust him with millions of dollars. And one must remember that many investors have benefitted from Madoff's scheme. These investors have withdrawn more than their original principal (although on paper Madoff may still owe them money).

Posted by: JoeAnnandale | January 8, 2009 6:27 PM | Report abuse

tpagotie has it right, except clothing will be provided in the graybar hotel. Why not send him to Guantanamo for a south of Florida retreat. Perhaps he will meet Charles Keating and Robert Vesco at that venue. Michael Milken and Ivan Boesky will act as counsel.

Posted by: isenberg888 | January 8, 2009 7:29 PM | Report abuse

sean11, "others have done worse"? They might rename 'Ponzi schemes' after this guy, no one has done worse.

Posted by: hairguy01 | January 8, 2009 8:02 PM | Report abuse


Actually Madoff is a democrat.

Moreover he donated $600,000 to the DNC.

I'm wondering if the DNC, is going to pay it back, or do what they do best launder it.

Stick that in your pipe, and smoke it.

Posted by: dashriprock | January 8, 2009 8:15 PM | Report abuse

He is due the process of law. 30 days to tell all beforwe hung by the neck. Why is not in jail? Still living in his high of the hog apartment and smiling before the lens every change he gets. Name him a "low life drug dealer" and see how quick he gets locked up.

Posted by: floridaihamp | January 8, 2009 9:42 PM | Report abuse

this guy is being handled with not only velvet gloves, he is sleeping on a goldengoose featherbed in a multi-million dollar pad paid for with other people's money.

would a drug dealer be allowed to remain at large after mailing a million dollars worth of jewels to family and friends?

if caught in this one instance, how many other dozens of actions is he taking to thwart justice and conceal crimes?

this makes 99.9% of americans furious.

the other .1% are his associates, other whitecollar crooks, and they think he is a hero.

Posted by: forestbloggod | January 8, 2009 9:48 PM | Report abuse

of course, having one's right hand man being represented by the son of the Attorney General of the USA is no small help in keeping out of the pokey.

Mike Mukasey, Mark Mukasey----cogs in the greatest financial crimes of all eternity.

Posted by: forestbloggod | January 8, 2009 9:53 PM | Report abuse

A week or so after this came to light, the "On Faith" section of featured a Rabbi Brad Hirschfield saying that Bernard Madoff needs to be treated with compassion, since most likely, Mr. Madoff was intially motivated by shame.

Perhaps he was initially motivated by shame, but sending out over $1 million worth of jewelry and preparing to send out $173 million worth of funds to trusted family? That is not the act of a man ashamed - that is the act of a man who has fully succumbed to his greed. I wonder what Rabbi Hirschfield has to say now?

Posted by: Chasmosaur1 | January 8, 2009 10:05 PM | Report abuse

If my parents committed a crime, i certainly wouldn't want to share in the blame or accept any of the punishment due them.
Many of you commenting would hold the son
responsible for a fathers crime, are all of you from the mid-east, china or russia?
In fact why don't we make it a law, we'll make it a mirror image of the sex offenders law but we will replace the words school and individual with: businesses and family, keep the public
gathering places in as well as the public
notification when they move into a neighborhood.

What makes you think a person would share their criminal activities with their family members, it would be a little counter productive wouldn't it? Considering the pettiness that exist in wealthy families.

He needs to forfeit ALL assets, period.
All reclaimed monies should go to homeless
shelters, which is where he will be cooking,washing dishes and serving meals for the rest of his of his natural life.

Posted by: victorlove1 | January 8, 2009 10:12 PM | Report abuse


What on earth are you talking about?

Mr. Madoff appears to have been ready to shelter his funds with sympathetic family members (and started when he shipped off the jewelry).

I don't think anyone is saying "arrest the family" - I think most people are angered that Mr. Madoff wanted to shelter significant funds by sending them out of his accounts.

Posted by: Chasmosaur1 | January 9, 2009 1:46 PM | Report abuse

You can bet your butt in Americas Pay-2-Play legal system Big Bernie will have the finest of lawyers and not see the inside of a cell. He IS ELITE. He IS ABOVE THE LAW. He can buy a presidential pardon like i buy a loaf of bread. Why is everyone so shocked nothing is happening to him? Get used to it folks. The rich get richer...

Posted by: danoyd | January 10, 2009 2:29 AM | Report abuse

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