Madoff Gets At Least a Couple More Days of Luxury Living

Judge Won't Make Decision On His Bail Until Monday
By RICHARD ESPOSITO and SARAH AMOS
Jan. 9, 2009

Bernard Madoff will spend another weekend in his $7 million New York penthouse. Federal Magistrate Ronald Ellis has informed the court that he will not make a decision on whether or not to revoke the bail of the alleged master of a $50 billion investor fraud scheme until Monday at noon.

Ellis listened to oral arguments for and against Madoff's bail revocation earlier this week. The prosecution submitted written arguments on Tuesday, and the defense filed its counter arguments Wednesday. From the start, Ellis told both parties that he would not rule until late today or Monday.

Nonetheless, a tense week followed filled with further disclosures of Madoff's alleged victims, leaks that indicated one feeder fund manager was in hiding from mobsters who may have invested through them, and some media accounts suggesting the decision would come earlier than Friday night or Monday morning.

A court hearing is slated for Monday morning at which time the government is either slated to indict Madoff or ask for more time to develop its case against Madoff. At that time, the bail motion may be discussed.

Prosecutors Want Madoff Behind Bars
This week prosecutors arguing that alleged $50 billion scammer Bernard Madoff should be put in jail immediately said that when Madoff's desk was searched following his arrest, investigators found approximately 100 signed checks totaling more than $173 million "ready to be sent out".

"The only thing that prevented the defendant from executing his plan to dissipate those assets was his arrest by the FBI," prosecutors say. "The defendant's recent distribution of jewelry and watches demonstrates a continuing intention to benefit those close to him to the detriment of his victims."

Prosecutors asked Judge Roland Ellis earlier this week to put Madoff in custody after they say Madoff violated the conditions of his bail agreement when he and his wife sent multiple packages worth more than $1 million containing such valuables as watches, jewelry and cufflinks to relatives and friends.