Prosecutors: Send Madoff to jail

Arguing that Bernard L. Madoff, who is accused of running a $50 billion Ponzi scheme at his New York money management firm, is a “danger to the community,” prosecutors recommended that he be held in jail pending his trial. The recommendation was made today after investigators found 100 signed checks worth $173 million in Mr. Madoff's office desk and said that he was prepared to send them out to his closest family and friends at the time of his arrest last month, according to published reports. The prosecutors said the latest revelation was further evidence that Mr. Madoff had planned on distributing more than $200 million to his closest friends and family after he realized his alleged Ponzi scheme had fallen apart. In late December, he mailed $1 million in jewelry and gifts to relatives and friends, perhaps violating the terms of a court order that froze his assets, according to prosecutors from the United States Attorney's Office for the Southern District of New York. One of the packages contained 13 watches, a diamond necklace, an emerald ring and two sets of cufflinks — valued at more than $1 million. Two more packages containing a diamond bracelet, a gold watch, a diamond Cartier watch, a diamond Tiffany watch, four diamond brooches, a jade necklace and other jewelry also were sent to relatives, prosecutors said. Mr. Madoff had agreed to a preliminary injunction and asset freeze Dec. 18 in a civil-fraud case brought by the Securities and Exchange Commission.