Madoff wins fight on bail, returns home

By ASSOCIATED PRESS | Thursday, January 15, 2009

• Print
• [-][+] Font Size
• E-Mail Alerts
• Tell a Friend
• Got a Question?
• You Report
• Click-2-Listen

NEW YORK

Bernard Madoff won the latest round in his fight with prosecutors over his bail package Wednesday as a judge ruled he can remain free, brushing aside arguments by the government that the money manager needs to be in jail because he cannot be trusted.

The judge ruled prosecutors did not make a compelling argument that Mr. Madoff is a danger to the community or a flight risk - the two considerations in deciding whether to grant bail.

Authorities say Mr. Madoff has said he ran a $50 billion Ponzi scheme, paying investors with money raised from new clients.

Mr. Madoff did not speak or show any emotion during the hearing, although he privately conferred with his lawyers on a couple occasions. He left the courthouse and returned to his $7 million Upper East Side penthouse, where he has been under house arrest and under the watch of armed guards round-the-clock. His outgoing mail also is being searched to ensure he doesn't try to pass along any assets that could be used to reimburse burned investors.

Defense lawyer Ira Sorkin told the judge that such extreme restrictions make it "close to impossible to dispose of anything valuable."

"I think the chances of Mr. Madoff fleeing at this point are as close to nil as you can get," he said.

The government thinks he should be jailed because he sent more than $1 million in jewelry and gifts to family and friends over the holidays.

Prosecutor Marc Litt said the gifts are further proof that Mr. Madoff "cannot be trusted under any set of conditions short of detention."

Click here for reprint permissions!
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Do you have another point of view, photos, audio, video or more information about a story?