Prosecutors seek to revoke bail, jail Madoff

From Katrina Frayter
CNN

NEW YORK (CNN) - Prosecutors on Monday asked a judge to revoke bail conditions and jail investment guru Bernard Madoff, accused of defrauding investors worldwide out of billions in a Ponzi scheme.

At a bail hearing Monday afternoon, prosecutors told U.S. District Magistrate Judge Ronald Ellis that Madoff violated bail conditions by mailing expensive jewelry and other assets to relatives and others and should be jailed without bail.

According to prosecutors, one of the items was worth about $1 million and contained a hand-written note from Madoff. Madoff had been ordered to preserve all his assets in an early court order.