Wednesday, January 14, 2009

The Latest Fashion Statement for Ponzi Scheme Operators

Bernie Madoff was wearing a bulletproof vest under a black overcoat when he arrived today for a bail hearing at the courthouse.

Assistant U.S. Attorney Marc Litt today urged U.S. District Judge Lawrence McKenna in Manhattan to imprison Madoff for violating a court order in a related civil case by transferring some of his valuables. Madoff is in the courtroom along with his attorney, Ira Sorkin. The hearing is underway.

The government last week asked that Madoff’s bail be revoked after he transferred $1 million in jewelry to family members. On Jan. 12, a magistrate judge in Manhattan allowed Madoff to remain free, prompting a government appeal. Any ruling resulting from today’s hearing may be appealed to the U.S. Court of Appeals in Manhattan. McKenna hasn’t indicated whether he will rule on the government’s request today.

UPDATE: Judge McKenna has just ruled that Madoff can remain out on bail, restricted to his apartment.

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