Madoff Prosecutors File Papers to Revoke His Bail

Bernard Madoff sent valuables including diamond Cartier and Tiffany watches to relatives and others in violation of a court order and should be immediately jailed because he is now a flight risk, prosecutors said in court papers released Wednesday.

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"The need for detention in this case is clear," prosecutors from the U.S. Attorney's Office in New York wrote. Madoff's continued release "presents a clear risk of further obstruction of justice."

• Read the government's brief on Madoff

Madoff, who is under house arrest in his Manhattan apartment, was arrested last month and charged with what authorities say was an investment scam that bilked clients of as much as $50 billion.

He has not yet formally responded to the charges against him in court. U.S. Magistrate Ronald Ellis is weighing the government's request to revoke Madoff's bail and send him to jail.

At a bail hearing on Monday where Madoff was present, the magistrate heard arguments from both sides, and asked for additional written filings.

Madoff's lawyers are due to file their court papers by the end of the day Wednesday.

Prosecutors contend that Madoff violated a court order barring him from concealing or disposing of his assets by, together with his wife, sending multiple packages containing valuables to relatives and others.

Some of the items have been recovered by authorities, the government said.

He sent one package containing about 13 watches, a diamond necklace, an emerald ring and two sets of cufflinks, with total value of more than $1 million, prosecutors wrote.

(The government files a brief asking the judge to revoke Bernard Madoff's bail. Watch the accomapnying video for more...)

Other packages contained the diamond watches as well as a diamond bracelet, gold watch, four diamond brooches and a jade necklace, the government said.

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