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Feds: Jail Madoff For Violating Bail

Federal prosecutors are asking a judge to throw alleged $50 billion Ponzi-schemer Bernie Madoff -- currently out on bail -- in jail for mailing $1 million worth of assets to third parties.

According to assistant U.S. attorney Marc Litt, testifying in Manhattan federal court today, Madoff and his wife Ruth mailed five items, including "very valuable jewelry," Bloomberg reported, to others, violating the terms of his asset freeze.

The act violated Madoff's bail -- he is under house arrest in his apartment -- Litt said, so Madoff should be sent to the slammer.

Madoff's defense lawyer, Ira Sorkin, disputed that his client has violated the terms of his bail.

The government has recovered three of the items, Litt said.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 5, 2009; 4:29 PM ET
Categories:  The Ticker  | Tags: Bernie Madoff  
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Next: Madoff's Luxurious Tastes, Expensive Toys


Madoff should have his bail revoked as anyone would who defied the terms of his/her bail. Put him in the slammer before he hides some more money or assets from his creditors. He has no honor!

Posted by: bghgh | January 5, 2009 5:50 PM | Report abuse

That the judge let him stay in his penthouse was an injustice to begin with. That he didn't have him held today, is an outrage. This judge should be investigated to determine if he is benefiting from these decisions. Our laws need to be updated to properly punish white collar criminals. Enron, WorldCom, Tyco, and now the financial industries mess, all demonstrate that large groups of investorrs are hoodwinked by these criminals (all the while thinking the SEC and accounting firms are assuring accurate earnings reports - NOT).

Posted by: DavidH2 | January 5, 2009 7:29 PM | Report abuse

This Madoff should be in JAIL. He has hurt many people and should be held responsible. The judges are obviously reacting to his white collar cohorts in crime, his lawyers - they should be thinking about criminal codes and debt to society.

I cannot believe they do not think him dangerous - he has endangered so many lives beyond that goes with a drug dealer or a gun runner - he has endangered thousands of persons who had trust in a system, in him, in the courts. Protect us O Judge - Jail Madoff!!

Posted by: zapfilms | January 5, 2009 8:43 PM | Report abuse

To allow this high level criminal to walk around as freely as he has is beyond my comprehension.
I guess money can buy you most anything?

Jail this snake!

Posted by: edeckel | January 5, 2009 8:58 PM | Report abuse

Speaking of endagering the lives of others, didn't someone kill themselves over his antics? He should be guilty of MURDER!!

Posted by: shocked1 | January 5, 2009 8:58 PM | Report abuse

he doesn't even OWN a home. he owes 50 billion dollars. he is certainly destroying evidence, conspiring to protect others, and in this case, violating bail terms, like an idiot.

he belongs in jail, for life, as do all his associates.

Posted by: forestbloggod | January 5, 2009 10:10 PM | Report abuse

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