Bernard Madoff had sitting in his desk about 100 checks totaling some $170 million ready to send to family, friends and employees when he was arrested for a Ponzi scheme that cost investors tens of billions of dollars, a prosecutor said Wednesday. Assistant U.S. Attorney Marc Litt told Magistrate Judge Ronald Ellis the checks were further proof the disgraced financier was likely to dissipate assets if he is allowed to remain free on bail until he is tried in the most spectacular fraud in Wall Street history.
Madoff Ready to Send $170 Million When Arrested, Says Prosecutor
New York Law Journal
January 9, 2009