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| Madoff 'had cheques ready to go' | Madoff 'had cheques ready to go' |
| (about 4 hours later) | |
| Bernard Madoff had $173m in signed cheques in his office desk, ready to send out at the time of his arrest last month, US prosecutors have said. | Bernard Madoff had $173m in signed cheques in his office desk, ready to send out at the time of his arrest last month, US prosecutors have said. |
| The detail was provided in a court filing as prosecutors argued that Mr Madoff should have his bail revoked and be sent to jail. | The detail was provided in a court filing as prosecutors argued that Mr Madoff should have his bail revoked and be sent to jail. |
| He is accused of running a fraudulent $50bn scheme, which saw heavy losses for many investors around the world. | He is accused of running a fraudulent $50bn scheme, which saw heavy losses for many investors around the world. |
| Mr Madoff is currently under house arrest in his New York penthouse. | Mr Madoff is currently under house arrest in his New York penthouse. |
| Bail arguments | Bail arguments |
| His $10m bail is covered by that home as well as his houses in Long Island and Florida. A parallel civil case has also seen his assets frozen. | His $10m bail is covered by that home as well as his houses in Long Island and Florida. A parallel civil case has also seen his assets frozen. |
| The cheques were further evidence that Mr Madoff wanted to keep his assets away from his investors, prosecutors told the court on Thursday. | The cheques were further evidence that Mr Madoff wanted to keep his assets away from his investors, prosecutors told the court on Thursday. |
| He was also accused of sending more than $1m worth of jewellery to friends and family over the Christmas holidays. | He was also accused of sending more than $1m worth of jewellery to friends and family over the Christmas holidays. |
| Investigators previously have said that Mr Madoff planned on distributing more than $200m to his closest friends and family after he realised his scheme had unravelled. | Investigators previously have said that Mr Madoff planned on distributing more than $200m to his closest friends and family after he realised his scheme had unravelled. |
| US prosecutors allege that a bogus business, run by the former Nasdaq stock market chairman, involved existing investors' returns being funded by cash from new investors - a fraud known as a Ponzi scheme. | US prosecutors allege that a bogus business, run by the former Nasdaq stock market chairman, involved existing investors' returns being funded by cash from new investors - a fraud known as a Ponzi scheme. |
| His defence lawyers have argued that he is not likely to flee or is a danger to community, and therefore should remain free on bail. | His defence lawyers have argued that he is not likely to flee or is a danger to community, and therefore should remain free on bail. |
| A court official said a judge would issue a decision on Friday or Monday on the government's request to revoke Mr Madoff's bail and jail him. | |
| Lawyers for investors who are suing to recover losses welcomed the US government's attempt to put Mr Madoff behind bars. | |
| "It should have been done from the first day," said Howard Kleinhauer, lawyer for an investor who placed $10m with Mr Madoff's firm just days before his arrest. | |
| "Madoff should not be able to communicate with anyone from his apartment in an unrestricted way." | |
| British investigation | British investigation |
| Earlier, Britain's Serious Fraud Office said it would open an inquiry into Mr Madoff's business operations in the UK. | Earlier, Britain's Serious Fraud Office said it would open an inquiry into Mr Madoff's business operations in the UK. |
| The investigation would focus on UK victims and any offences that may have been committed in the UK, the SFO said. | The investigation would focus on UK victims and any offences that may have been committed in the UK, the SFO said. |
| The SFO has called for anyone who has had dealings with any of Mr Madoff's UK businesses - including ex-employees - to assist in the investigation. | The SFO has called for anyone who has had dealings with any of Mr Madoff's UK businesses - including ex-employees - to assist in the investigation. |
| "There were many UK and European investors in Madoff's funds and in funds under his management," said Lisa Osofsky, former Deputy General Counsel for the FBI, now working for consultants Control Risks. | "There were many UK and European investors in Madoff's funds and in funds under his management," said Lisa Osofsky, former Deputy General Counsel for the FBI, now working for consultants Control Risks. |
| The swift action follows revelations before Christmas in the US about Mr Madoff's operations, as well as concerns from UK investors - some of whom fear they have lost several million pounds. | The swift action follows revelations before Christmas in the US about Mr Madoff's operations, as well as concerns from UK investors - some of whom fear they have lost several million pounds. |
| "The public say they want us to take early action and this is what we are doing," said the SFO's director, Richard Alderman. | "The public say they want us to take early action and this is what we are doing," said the SFO's director, Richard Alderman. |