NPR logo Judge Decides Not To Revoke Madoff's Bail


Judge Decides Not To Revoke Madoff's Bail

A judge has allowed disgraced financier Bernard Madoff to remain free on bail, rejecting a bid by prosecutors to send him to jail.

Madoff mailed more than $1 million in jewelry and heirlooms to family and friends over the holidays. Prosecutors said the gifts were grounds to have his bail revoked because what's left of Madoff's assets will have to be returned to burned investors.

Madoff's lawyers said the gifts were an innocent mistake and that he is neither a danger to the community nor a threat to flee — the grounds needed to revoke his bail.

Madoff was released on bond after his Dec. 11 arrest on securities fraud charges and has been under home detention. Prosecutors have said Madoff ran a Ponzi scheme for years that bilked investors all over the world out of billions of dollars.

Madoff has not entered a plea to the charges.

Also Monday, a bankruptcy judge ruled a trustee can issue subpoenas to investigate the flow of money in Madoff's investment fund.

U.S. Bankruptcy Judge Burton Lifland gave permission to the trustee, Irving Picard, to subpoena witnesses, including directors and officers of Bernard L. Madoff Investment Securities LLC. The trustee is overseeing the liquidation of the fund for the bankruptcy court.

From NPR and wire reports



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.