Prosecutors Claim Bernard Madoff had $173 Million in Checks Signed at Time of Arrest

Bernard Madoff, the man behind an alleged Ponzi scheme that bilked investors out of $50 billion, had $173 million in signed checks ready to be sent when he was arrested last month.

Prosecutors claim that Madoff had been prepared to send the checks to family and friends after his scheme fell apart but he was arrested before he was able to distribute the checks.

Madoff, a former chairman of the Nasdaq stock market, has also been accused of sending more than $1 million in jewelry to friends and family during the holiday season. He is currently under house arrest in his New York penthouse but prosecutors are trying to have him jailed prior to his trial claiming he is a flight risk.

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