Disgraced financier Bernard Madoff and his wife sent at least 16 watches, a jade necklace and a diamond bracelet to family and relatives, proving he will continue to dissipate what little is left from his $50 billion fraud, a prosecutor told a judge in arguing that Madoff be jailed.
Assistant U.S. Attorney Marc Litt said in a letter released Wednesday that Madoff violated a court order barring him from dissipating, concealing or disposing of any assets when he and his wife sent the items to close relatives and two friends.
A criminal complaint against Madoff said the former Nasdaq chairman had offered to distribute between $200 million and $300 million that remained in his company’s accounts to close relatives and friends before he surrendered to authorities.
In his six-page letter sent to Ellis on Tuesday night and publicly filed Wednesday, Litt said Madoff violated his promise not to touch his assets when he and his wife sent multiple packages on Dec. 24 to relatives and friends.
The prosecutor said one package contained 13 watches, one diamond necklace, an emerald ring, and two sets of cufflinks, items estimated to be worth more than $1 million.
He said two other packages contained a diamond bracelet, a gold watch, a diamond Cartier watch, a diamond Tiffany watch, four diamond brooches, a jade necklace and other assorted jewelry and were sent to relatives.
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Madoff was arrested Dec. 11 on a securities fraud charge after the FBI said he confessed to swindling investors. Authorities say he told his sons he ran a $50 billion Ponzi scheme and had only a few hundred million dollars left. Although he has been freed on $10 million bail, he has been confined to his $7 million Manhattan penthouse with an electronic bracelet and 24-hour guard.
