The U.S. Attorney released its version of Madoff’s little jewel-mailing incident (embedded below). Not surprisingly, it is more damning than the sanitised “mittens and trinkets” version that Madoff’s attorney described. We’re not sure we buy that this makes him any more of “a serious flight risk,” but it certainly demonstrates that he’s not afraid to try to pull a fast one.
Meanwhile, Madoff’s own attorney’s explanation for the incident is ridiculous:
“Mr. Madoff gathered a number of watches that he had collected over the course of years, knowing that, due to the sudden change in his circumstances, he would never have an occasion to wear these watches again. To Mr. and Mrs. Madoff, the value of these items was purely sentimental,” the lawyers wrote.
Cue violins, please. And set those red flags that investors ignored in the Ponzi scheme a-waving.
Here’s the US Attorney’s summary of those little keepsakes that Madoff just wouldn’t need to wear anymore:
NYT: “The defendant sent a package containing a total of approximately 13 watches, one diamond necklace, an emerald ring and two sets of cuff links,” the filing said. “The government has been informed that the value of those items could exceed $1 million. Two other packages — containing a diamond bracelet, a gold watch, a diamond Cartier watch, a diamond Tiffany watch, four diamond brooches, a jade necklaceand other assorted jewelry — also were sent to relatives.”
And here’s the US Attorney’s letter to the judge. The good stuff starts on page 4, in “The Changed Circumstances.”