TRIAL DOES NOT PREVENT MADOFF FROM FURTHER FILCHING

Updated: 01/10/2009 13:27
Hyip Monitor
US prosecutors said on Thursday said that accused Ponzi scheme mastermind Bernard Madoff was trying to disperse his assets among his family and relatives

U.S. prosecutors said on Thursday said that accused Ponzi scheme mastermind Bernard Madoff was trying to disperse his assets among his family and relatives. The authorities found checks totaling more than $173 million in his office desk ready to be sent out before his arrest. The prosecutors asked the court to imprison the fraudster.

According to the statements of prosecutors the checks were found by investigators, that were searching Madoff's New York City office, and they showed the investment scammer was about to move money to relatives and friends before his fraud was reported to authorities. The names on the checks were not unveiled. Thus, prosecutors are asking a judge to cancel Madoff's $10 million bail and send him to jail. A clerk for Magistrate Judge Ronald Ellis of U.S. District Court in Manhattan said the judge would decide on the government's request on Friday or Monday.

Apart from this, in a hearing on Monday and in court papers on Wednesday prosecutors stated that Madoff and his wife had mailed more than $1 million worth of jewelry and watches to friends and family in late December in violation of a December 18 court order freezing his assets. They said Madoff was trying to distribute his assets and he was a flight risk. Besides, prosecutors said that Madoff's lawyers' brief to the court on Wednesday didn't mention the fact that Madoff wanted to transfer $200 million to $300 million of his investors' remaining assets to selected family and friends.


About the author

Brett Sherpan has been working for seven years writing and editing for online and print media. He has held various editing and copywriting positions and can quickly and competently write copy for sales, marketing and editorial content. Brett is a consistently dependable team player, who thrives in a high-pressure environment, enjoying the challenges of meeting deadlines and am comfortable researching, writing and editing on a wide range of topics
You May Also Like