Madoff Will Find Out Monday -- Jail or Bail?
Updated 7:05 PM EST, Fri, Jan 9, 2009
Disgraced financier Bernard Madoff could find out soon whether he'll be sent to jail.
A federal judge could rule Friday afternoon on the prosecution's bid to revoke Madoff's bail. He's now wearing an electronic ankle bracelet while confined to his $7 million Manhattan penthouse.
Prosecutors claim Madoff has been trying to protect his assets from investors burned by a $50 billion fraud.
They say he sent $1 million worth of jewelry as holiday gifts.
Before his arrest, they say, he was ready to send 100 signed checks worth $173 million to family and friends.
The defense says Madoff has offered to give up properties in Manhattan; Montauk, N.Y.; Palm Beach, Fla.; and Antibes, France, along with four boats and three cars. The U.S. properties alone are valued at more than $19 million.
Copyright Associated Press
First Published: Jan 9, 2009 9:12 AM EST
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