US prosecutors asked a judge to imprison financier Bernard Madoff, saying he has violated his bail as he awaits trial on charges that he operated a massive Wall Street fraud.
The New York federal judge said he would make a decision after prosecutors and the defense provided more information. He asked for the additional materials by midday Thursday, the prosecutor's office said.
Madoff, 70, was arrested December 11 after allegedly admitting he had run a multi-billion dollar Ponzi scheme, or pyramid fraud, in which individual investors, banks, charities and universities lost fortunes.
He was released on a $10 million bail and placed under house arrest in his luxury Manhattan apartment. He has also had his assets frozen under a parallel civil case.
Prosecutors said yesterday that Madoff and his wife sent watches, jewelry and other valuables to his brother, his sons and a couple in Florida, the Wall Street Journal reported.
Madoff's lawyer, Ira Sorkin, told the court the items had been sent "innocently" and did not violate the bail, The Journal reported.
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Meanwhile, the head of the US stock market watchdog told a congressional hearing that he would quickly detail regulators' failings in the case.
"I absolutely agree that this matter has to be dealt with very expeditiously," David Kotz, inspector general for the Securities and Exchange Commission, said.
Incensed lawmakers called the hearing to question why the SEC failed to stop the matter sooner.