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Feds' Bid to Jail Madoff Denied Again

Federal prosecutors lost their second appeal to put Bernie Madoff in jail, as a judge ruled this afternoon that the man who is alleged to have stolen $50 billion from clients in a Ponzi scheme can remain free on bail and live in his luxe Manhattan penthouse, presumably awaiting indictment.

The judge ruled prosecutors did not prove that Madoff is either a flight risk or a danger to himself or others.

Earlier in the week, when the prosecutors' first attempt to put Madoff in jail was defeated, another judge tightened the terms of his bail, saying that Madoff must make an inventory of his expensive belongings, which the feds can check against the contents of his apartment every two weeks.

Madoff angered prosecutors by mailing about $1 million worth of jewelry and other valuables to family members and friends. The feds said Madoff was flouting the terms of his bail; Madoff said he was sending gifts.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 14, 2009; 5:04 PM ET
Categories:  The Ticker  | Tags: Bernie Madoff  
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