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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Travis_Bickle who wrote (158168)	1/14/2009 3:44:28 PM
From: stockman_scott	Respond to of 361945

Bernard Madoff Remains Free As Judge Upholds Bail (Update1) Jan. 14 (Bloomberg) -- Bernard Madoff, the accused mastermind of the largest Ponzi scheme in history, will remain free on bail after a second federal judge refused a government request to jail him. Madoff, who appeared today at a hearing in Manhattan federal court, will return to his multi-million dollar Manhattan apartment as prosecutors probe a fraud that they said cost investors $50 billion. The ruling by U.S. District Judge Lawrence McKenna upholding Madoff’s bail comes about a month after he was arrested on a securities fraud charge for allegedly bilking investors. Madoff, 70, confessed that he used new money to pay old investors, the government said. Madoff faces as much as 20 years in prison if convicted. He hasn’t formally responded to the charges. Prosecutors last week asked that Madoff’s bail be revoked after he transferred $1 million in jewelry to family members. On Jan. 12, a magistrate judge in Manhattan allowed Madoff to remain free, prompting an appeal. Prosecutors may renew their request to jail Madoff as new developments in the case unfold. The ruling may be appealed to the U.S. Court of Appeals in Manhattan. The case is U.S. v. Madoff, 08-mag-2735, U.S. District Court, Southern District of New York (Manhattan). To contact the reporters on this story: David Glovin in New York federal court at dglovin@bloomberg.net; Erik Larson in New York federal court at elarson4@bloomberg.net; Patricia Hurtado in New York federal court at pathurtado@bloomberg.net. Last Updated: January 14, 2009 15:25 EST