Asset Recovery: Madoff mailed assets say prosecutors
Prosecutors in the USA say that they have identified more than USD1 million in assets that Bernard Madoff allegedly put in the post and sent to family and friends after surrendering to the authorities and admitting a massive fraud.
Prosecutors are trying to revoke Madoff's bail - currently set on house arrest on security of USD10 million. Prosecutors say that he is dissipating assets and has sent around USD1 million worth of jewellery, watches and other assets to family and others.
He says that they were gifts for a Jewish festival and were of insignificant value. Also, he says, they were mailed before the making of a Court order that froze all of his assets.
But increasingly prosecutors are taking a zero-tolerance approach to the case: they don't want any allegations that they are as hopeless as the SEC which, it has come to light, had eight separate investigations into Madoff over a period of years but they all came up with no evidence of wrongdoing.
The liquidators appointed to his estate, working with the SEC, have posted more than 8,000 claim letters to Madoff's creditors. However, the total value of his Manhattan and Florida properties and his collection of yachts will not come close to covering the losses.
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