Bernard Madoff to Remain Free on Bail

A judge has ruled to allow Bernard Madoff to remain free on bail. The judge rejected the prosecutions motion to send the disgraced money manager to jail.

From the Associated Press:

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 said he is neither a danger to the community nor a threat to flee.

The fact that Madoff (MAY’-dawf) has been able to spend his days in his luxury apartment — and not jail — has stirred up outrage among investors who lost billions in his alleged fraud that he reportedly describes as a $50 billion Ponzi scheme.

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