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US financier Madoff to remain free on bail

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Tuesday, January 13, 2009

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A federal court in New York, New York ruled Monday that American financier Bernard Madoff can remain free on a US$10 million bond. Madoff faces charges of securities fraud in case that may reveal losses as large as US$50 billion. He was originally arrested on December 11, 2008.

United States District Court for the Southern District of New York (file photo)
Image: Sheila.

Federal prosecutors had argued that Madoff had violated terms of his bail by mailing valuables to relatives from his Manhattan apartment, where he is under house arrest.

Judge Ronald L. Ellis ruled that, "The government fails to provide sufficient evidence that any potential future dissemination of Madoff's assets would rise to the level of an economic harm."

The judge, however, did say that "it is appropriate that his ability to transfer property be restricted as completely as possible." Madoff will be required to submit a complete inventory of items in his apartment.

A Wall Street adviser, Madoff was arrested and charged by the FBI last December with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on December 10, that his business "is all just one big lie" and that it was "basically, a giant Ponzi scheme [since at least 2005]."

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Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

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The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License


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