Prosecutors want Madoff jailed for ”mailing $1m worth jewellery to family” from house arrest

January 6th, 2009 - 4:48 pm ICT by ANI  

London, January 6 (ANI): Bernard Madoff, the prime accused of a 50 billion dollar investment fraud, should be sent behind bars immediately for mailing jewellery, estimated at 1 million dollars, to his family while under house arrest, US prosecutors have debated.

The Wall Street fund manager, the perpetrator of the biggest financial fraud in history, had been arrested and charged with securities fraud on December 11.

Madoffs swindle was alleged to involve up to 50 billion dollars in cash and securities through Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business, reports the Telegraph.

The 70-year-old was to remain on bail while the court examined if he had breached the terms of an asset-freeze order by sending away “very valuable” jewellery to his relatives.

The Wall Street Journal had reported that many wealthy investors from all over the world had fallen victim to the fraud including wealthiest woman in the world and heiress to the LOreal empire Liliane Bettencourt, Alicia Koplowitz, the Spanish billionaire and director Steven Spielberg. (ANI)

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