Shoud Madoff Go To Jail For Sending Off The Family Jewels?

by Deidre Woollard (RSS feed)
Jan 6th 2009 at 8:02PM

Bernard Madoff is in trouble again. The epic swindler, whose $50 billion Ponzi scheme has devastated fortunes, wiped out philanthropic organizations and caused financial havoc all along the East Coast, sent five pieces of jewelry worth $1 million to his relatives. Prosecutors say that Madoff, who is free on bail, should go to jail because this is a violation of an asset freeze. As Bloomberg reports the government now has three of the items including watches and cuff links. Ira Sorkn, Madoff's defense lawyer, says the items were heirlooms "innocently sent to Madoff's relatives." Sorkin reports he asked his client to retrieve them and alerted the government. Some of the items belong to Madoff and some to his wife, Ruth, who has not been charged but has agreed not to dispose of her assets. Judge Ellis declined to immediately rule on the government request, asking for legal briefs from both sides by January 7. Madoff remains under 24-hour house arrest in his $7 million New York City apartment.

For a full list of just what Madoff has left, the Palm Beach home, the East Hamptons vacation house, the wooden fishing boat, the watches and more, check out this list from the Washington Post.

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