Madoff’s Bail Continued
A judge declines to revoke security, but sets additional terms in succession alleged trick mastermind’session release
By Phil Mintz
Alleged $50 billion fraudster Bernard Madoff will tarry released on bail pending his trial, a federal judge in Manhattan ruled Mon., Jan. 12.
Federal prosecutors had sought to be delivered of Madoff’s bail revoked, arguing that Madoff’s novel transfer of valuables to tribe and friends justified a change in his bail provisions. However, U.S. Magistrate Judge Ronald L. Ellis ruled that the government had failed to prove that Madoff’s actions shadow forth either a serious flight risk or a great risk of obstruction of justice.
Ellis did impose several additional restrictions to Madoff’session release on handle, including ordering him to "draw up an inventory of all valuable portable items in his Manhattan home." The government or a security immovable approved by the regulation will check the inventory once every two weeks.
In late December, Madoff and his helpmate mailed packages containing items that prosecutors contend were worth more than $1 the masses to family and friends. That violated a court injunction, according to prosecutors. Madoff contends that the items were holiday gifts and sentimental heirlooms.
Madoff was arrested on Dec. 11 and charged with running a Ponzi scheme that could have cost investors as much as $50 billion. He was released on $10 million bail secured only by the signatures of him and his wife. After failing to get required co-signers of his bond, he was ordered held in home detention with electronic monitoring.
