Bernie Madoff could have his bail revoked

Bernie Madoff's sons, Mark and Andrew, appear to have it in for him. It was they who first reported the disgraced financier to federal prosecutors after he confessed to them that his $50bn investment scheme had collapsed. Now they have allegedly shopped him for violating a court-ordered asset freeze by mailing them, and their uncle Peter Madoff, jewellery, watches and other items, an act which could result in his $10 bail being revoked.

Madoff (pictured), who is under house arrest in New York and subject to electronic surveillance, mailed five packages of items, including one item worth as much as $1m according to Assistant US Attorney Marc Litt. In court yesterday, Litt argued that Madoff should be jailed immediately because of the infringement. He said that because it was likely Madoff would eventually be jailed, there was a high risk of him fleeing prosecution.

However, Madoff's defence lawyer, Ira Sorkin, said the objects, which included pens, a pair of $200 mittens and some $25 cufflinks, were merely heirlooms innocently sent to the financier's children and brother. The presiding judge, Ronald Ellis, told both sides to submit written arguments, after which he will rule on Madoff’s continued bail.

This latest move will no doubt be keenly watched by the film director Steven Spielberg, the owner of the New York Daily News Mort Zuckerman and the actor Kevin Bacon, all of whom have lost millions of dollars in Madoff's pyramid scheme.