While 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
