Madoff in Court for Bail Hearing

Will Ponzi schemer face severe punishment?

Monday, Jul 20, 2009  |  Updated 2:04 PM EDT
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Madoff in Court for Bail Hearing

Bernie Madoff heads to court.

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Federal prosecutors are going to try once more to jail besieged financier Bernard Madoff by taking their case before a federal judge in Manhattan on Wednesday.

     Prosecutors are appealing a judge's ruling that Madoff could remain free in his $7 million penthouse despite government claims he was trying to disperse valuable jewelry and watches to close relatives and friends.
    
The hearing comes as investigators continue to dig through the former Nasdaq chairman's financial records.
    
Authorities say Madoff has described what he did as a $50 billion Ponzi scheme, paying investors with money raised from new clients.

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