Madoff oh Madoff

Accused pyramid-scheme creator Bernard Madoff will probably remain free on bail, despite a push by U.S. prosecutors to jail him for mailing watches, diamond brooches and other valuables to his family and friends, legal experts say. U.S. prosecutors are asking a judge to incarcerate Mr. Madoff, saying he broke the conditions of his bail that barred him from shedding off any of his assets.

U.S. prosecutors said that mailing the valuables — which included more than a dozen watches, diamond brooches, a jade necklace, cufflinks and other jewellery totalling more than US$1-million — show Mr. Madoff is an increased flight risk.

Prosecutors said Mr. Madoff, charged with running a “Ponzi” scheme that defrauded his investors out of as much as US$50-billion, might further rob investors by shedding other valuables.

Legal experts said that sending the valuable trinkets was a definite violation, but probably not enough to prompt the judge to revoke Mr. Madoff’s bail.