Web of Madoff Case Grows Increasingly Complex
Jan 12th, 2009 • Posted in: NewsLaw enforcement sources say they are pulling on many threads; meanwhile, investigators say checks found in Madoff’s desk were “ready to be sent out” and show his intent to hide assets from recovery
NEW YORK
Almost a month after Bernard Madoff’s arrest for securities fraud, investigators continue to struggle over untangling the many threads of the alleged $50 billion Ponzi scheme.
Bloomberg quotes unidentified law enforcement sources as saying they are poring over vast amounts of data, including transactions records and investors’ monthly statements.
There was a major development in the case last week as investigators claimed they found about 100 checks, worth a total of $173 million, “ready to be sent out” prior to his December 11 arrest, CNBC reports.
Prosecutors say the hoarded checks are evidence that Madoff was intending to distribute and hide assets as investigators closed in on him, according to Canada’s Financial Post.
The Associated Press reports that Madoff provoked further ire for mailing more than $1 million in jewelry to family and friends over the holidays.
On Monday afternoon, a federal magistrate refused to revoke Madoff’s $10 million dollar bail and jail him, saying Madoff was not a flight risk, the International Herald Tribune reports. Prosecutors had sought to jail Madoff, arguing that he’d violated terms of his bail by preparing to dispose of and hide assets.
Sources: International Herald Tribune, Jan. 12 — AP, Jan. 12 — Bloomberg, Jan. 9 — ABC News, Jan. 9 — Financial Post, Jan. 8 — CNN, Jan. 8.
For more information, see: Related Newsline Commentary, Jan. 5 — Related Newsline story, Jan. 5 — Related Newsline story, Dec. 22, 2008 — Related Newsline Commentary, Dec. 15, 2008 — Related Newsline story, Dec. 15, 2008.
Print This Story
Email This Story
