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 Madoff's favourite things catch prosecutors' eyes, too 

Madoff's favourite things catch prosecutors' eyes, too

09 Jan, 2009 12:00 AM

SIXTEEN watches, including diamond-encrusted timepieces from Tiffany and Cartier. Four diamond brooches. Two sets of cuff links. An emerald ring.

These are a few of Bernard Madoff's favourite things. Or so federal prosecutors said in a court filing supporting their effort to revoke Madoff's $US10 million bail ($14.1 million) and send him to jail. Madoff, who is said to have confessed last month to a huge Ponzi scheme, is under 24-hour house arrest in his $US7 million Manhattan apartment.

The filing was released on Wednesday morning, less than 48 hours after a hastily called court hearing in which prosecutors said that Madoff and his wife, Ruth, had sent packages of valuables to his sons and brother, violating the terms of his bail agreement.

Madoff has promised the Securities and Exchange Commission not to dispose of any of his assets, which may be sold and used to repay investors.

His sons, Andrew and Mark, blew the whistle on their father by informing their lawyers of the unexpected parcel.

At the hearing on Monday, a lawyer for Madoff, Ira Lee Sorkin, told the court that many of the items were relatively inexpensive, including $US25 cuff links and $US200 mittens. He argued the valuables were sent innocently and that the mailings happened before an asset freeze came into effect.

But assistant US attorneys Marc Litt and Lisa Baroni said in their filing that Mr Sorkin's description of the packages was at best incomplete.

The filing said the defendant had sent a package containing "13 watches, one diamond necklace, an emerald ring and two sets of cuff links". "The Government has been informed that the value of those items could exceed $US1 million. Two other packages - containing a diamond bracelet, a gold watch, a diamond Cartier watch, a diamond Tiffany watch, four diamond brooches, a jade necklace and other assorted jewellery - also were sent to relatives."

There was no mention of the mittens.

Victims of Madoff's fund include Steven Spielberg.

Guardian News & Media and Agencies

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