Prosecutors to try again to put Madoff behind bars

[January 14, 2009]  NEW YORK (AP) -- Federal prosecutors are going to try once more to jail besieged financier Bernard Madoff by taking their case before a federal judge.

Prosecutors are appealing a magistrate judge's ruling on Monday that Madoff (MAY'-dawf) could remain free in his $7 million penthouse despite government claims he was trying to send valuable jewelry and watches to close relatives and friends.

The appeal, to be heard Wednesday in Federal District Court in Manhattan, comes as investigators continue to dig through the former Nasdaq chairman's financial records.

Authorities claim Madoff ran a $50 billion Ponzi scheme, paying investors with money raised from new clients.

[Associated Press]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.