The world’s biggest conman was accused last night of trying to hide nearly £700,000 worth of jewels from investigators following his arrest last month.

Prosecutors said Bernard Madoff flouted a freeze on his assets by secretly sending ‘very valuable’ watches and cuff links to his brother.

Last night, Madoff, 70, remained free on bail as a New York magistrate considered a request to jail him as inquiries continued to try and track down £34 billion he is accused of squandering in a scam dating back nearly four decades.

Assistant US Attorney Marc Litt said it was more likely that Madoff could flee because ‘the case against the defendant is strong and it is getting stronger.’

Defence lawyer Ira Sorkin argued that the five items of jewellery were heirlooms innocently sent to Madoff’s brother, Peter.

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