Bernie Madoff’s prosecutors need an extension.
Today was the big day in which they had to convince a grand jury to indict on fraud charges or show that there were probable charges to arrest him. (Law & Order fans will surely relate.)
Given the lengths of the Madoff fraud we’re not surprised.
So they made a deal with Madoff’s legal to team to delay—we’re sure that wasn’t a hard sell—to mid-Feb. By putting it off the good folks from the U.S. attorney’s office don’t have to get ready for trial or cut any plea deals with the Ponz right now. They’ve bought more time to investigate.
BUT there’s still that decision today about whether he can stay in his penthouse—he’s out on a $10 million personal-recognizance bond— or will be heading to more traditional prison quarters. Prosecutors weren’t too jazzed when they noticed his mailing a few trinkets to his loved ones.
WSJ: If Mr. Madoff’s bail isn’t revoked Monday by U.S. Magistrate Judge Ronald Ellis, who is expected to announce his decision at noon, the delay of indictment will give the 70-year-old more time at home before he either pleads guilty or potentially is convicted at trial. It also gives him the possibility of offering more assistance to the government in the hopes of convincing a judge to impose a lower prison sentence for his cooperation. Since his arrest Dec. 11, Mr. Madoff has met with prosecutors and other investigators and insisted that he acted alone.
…Last week prosecutors moved to jail Mr. Madoff after he mailed valuables to relatives and friends in what the government said was a violation of an asset freeze in a separate civil-fraud case brought by the Securities and Exchange Commission.
Hat Tip: For What It’s Worth