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Saturday, July 4, 
3:46 pm

Prosecutor wants Madoff's bail revoked

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cookie jar.jpgWhile Bernard Madoff, the fund manager accused of a massive Ponzi scheme, went unnoticed by authorities for years -- maybe even decades -- now he just can't help but get caught with his hands in the cookie jar. The newest poster child for greed is in danger of getting his $10 million bail revoked after the government said it caught him transferring $1 million in valuables.


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The U.S. attorney argued that house arrest wasn't enough and that Madoff had violated the terms of his bail when he disposed of five items including "very valuable jewelry," according to Bloomberg. The government has three of the items in its possession, which the Assistant U.S. Attorney Marc Litt said Madoff and his wife attempted to mail to third parties. The transfer is an "obstruction of justice," the prosecutor said.

Madoff is currently under house arrest, but if Litt gets his way, the 70-year-old hedge fund manager would await trial for securities fraud in a jail cell. - George White

See Bloomberg story



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