Madoff to remain free on bail


NEW YORK (JTA) — A federal judge allowed Bernard Madoff to remain free on bail.

Magistrate Judge Ronald Ellis in U.S. District Court in Manhattan ruled Monday that federal prosecutors had not adequately shown that Madoff should be sent immediately to prison. The judge, however, did impose some new terms on the $10 million bail.

Prosecutors investigating Madoff’s $50 billion Ponzi scheme had asked Ellis to revoke bail after Madoff mailed to friends and colleagues more than $1 million worth of jewelry and other items earlier this month.

The prosecutors claimed that the gifts, as well as the discovery of $175 million worth of checks Madoff had ready to mail from his Manhattan apartment, was a violation of Madoff’s bail and that he was a flight risk.

Among the new terms of the bill, Ellis ordered Madoff to produce a full inventory of the items in his apartment.

Madoff is set to appear in court Feb. 11 for an evidentiary hearing.

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