NEW YORK, Jan. 12, 2009
Madoff To Remain Free On Bail In Penthouse
NYC Judge Imposes More Restrictions On Disgraced Investor But Rejects Bid By Prosecutors To Send Him To Jail
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Prosecutors say Bernard Madoff presents "grave" economic harm to the community because of the wide range of his alleged fraud, and they cited the attempt to distribute some of his wealth in the past month as proof of the damage he could do. (AP Photo)
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Play CBS Video Video Madoff's Judgment Day A New York judge is set to decide if Bernard Madoff should have his bail revoked. As Randall Pinkston reports, new reports have surfaced that his own family are among the victims.
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Video Madoff's Hidden Assets Prosecutors are trying to have Bernard Madoff's bail revoked after investigators found 100 signed checks totaling more than $173 million ready to be sent to his loved ones. Randall Pinkston reports.
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Video Madoff Still A Free Man A NY judge allowed Bernard Madoff to remain under house arrest after rejecting an attempt by prosecutors to jail him for attempting to send money to his friends and family. Randall Pinkston reports.
Stories:
Videos:
- Fund Manager Tied To Madoff Faces Charges
- Madoff Yacht Chained Up In French Riviera
- Sources Implicate Madoff Wife
- Authorities Seize Madoff's Fla. Mansion
- Judge Freezes Assets Of Madoff Relatives
- Lawyer: Madoff Has $1 Billion In Assets
- Madoff To Remain Locked Up
- Madoff Accountant Free On $2.5M Bail
- 2nd Arrest In Madoff Case
- Government Pursues Ruth Madoff's Assets
Videos:
The judge's decision leaves accused swindler in his $7 million penthouse to await trial while investors like Larry Leif, who says he was cheated out of his life savings, are outraged, reports CBS News correspondent Randall Pinkston.
"He's scamming the government, he's scamming the judge," Leif says. "The only way you're going to stop Mr. Madoff is to put him in jail, just like any other criminal,"
In his 22-page order, Judge Ronald Ellis acknowledged investor outrage, but said the government did not "demonstrate either a serious risk of flight or serious risk of obstruction of justice."
While Madoff remains out of jail, the judge tightened conditions on his bail agreement:
Madoff is barred from leaving his apartment except for court appearances, Pinkston reports. And that could be mid-February, when the U.S. Attorney is scheduled to file his indictment.
The ruling further outraged investors who have been clamoring for Madoff to be sent to jail for allegedly carrying out the largest financial fraud in history. They find it shocking that Madoff is free on bail, despite distributing assets that could be used to help repay investors who lost billions.
Stephen A. Weiss, a lawyer for several dozen Madoff investors, said there "are people on the street who are very unhappy" with the ruling.
"There is a thirst for blood that transcends just those who have been victimized. There is a feeling ... that folks like Bernard Madoff get a different brand of justice than the guy in the street," Weiss said.
The decision can be appealed, but prosecutors have not said if they will do so. Yusill Scribner, a spokeswoman for prosecutors, said the government had no comment on the ruling.Read the judge's decision allowing Madoff to remain free on bail
Defense lawyer Ira Sorkin says the bail opinion "speaks for itself and we intend to comply with the judge's order." Sorkin has said the gifts were an innocent mistake and said he is neither a danger to the community nor a threat to flee.
In a separate decision, another magistrate signed off on an extension for the deadline to indict Madoff until Feb. 11. That means Madoff will remain free for at least another month, provided he does not violate conditions of the bail.
The judge also noted that it is quite common for defendants to be granted bail, even those charged with violent offense.
"Even for the most serious offense, more than half of all defendants are released on bail conditions, including 51 percent for violent offenses, 57 percent for property offenses and 73 percent for fraud."
In another development, a bankruptcy judge ruled that a trustee can issue subpoenas to investigate the flow of money in the investment fund run by Madoff. U.S. Bankruptcy Judge Burton Lifland gave permission to the trustee, Irving Picard, to subpoena witnesses. The trustee is overseeing the liquidation of the fund for the bankruptcy court.
Last week, prosecutors said investigators found 100 signed checks worth $173 million in Madoff's office desk that he was ready to send out to his closest family and friends at the time of his arrest last month in what is alleged to be largest financial fraud in history.
Prosecutors said the checks were further evidence that he wants to keep his assets away from burned investors in a more than $50 billion fraud.
© MMIX, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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- This story says all you need to know about our country.
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- They need to make it illegal to do business with Israeli banks, just likethey did in a number of south american countries. It might hurt Israel but will help the U.S., and after all des[ite what congress and the news tells you the majority in the U.S. could not care less about the welfare of Israel
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- Where the money went:
``The Jerusalem Post reported on November 2, 2006, that the scale of money-laundering going on at the Israeli bank was much, much larger than the Brazil case reported in the New York Times. The Post reported that U.S. regulators fined the Israel Discount Bank of New York $12 million for violating federal and state laws designed to thwart money laundering. The Israeli bank now controlled by the Bronfmans had failed to set up an adequate program to identify and report money laundering, according to federal and state regulators. A "substantial" part of $35.4 billion in third-party wire transfers during the year ended March 2005 showed traits common to laundering operations, the complaint said.''''
More at bollyn[dot]info - Reply to this comment
- What mainstream media outlets are not telling you is that Madoff is linked to the infamous Israeli money laundering bank IDB (Israel Discount Bank).
IDB was fined 12 million dollars by NY State banking authorities for failure to implement mechanisms to prevent money laundering.
Madoff was business partner with long standing IDB of NY directory Sy Syms through Yeshiva University where Madoff was a treasurer. Madoff''''''''s right hand man was Jacob Ezra Merkin who bought the bank from Israeli authorities three years ago.
Basically those folks who think he could not have possibly have carried out this fraud by himself are correct. As you can see, Madoff is up to his eyeballs in a corrupt bank, it''''''''s directors who are linked directly to Ehud Olmert and the Israeli government.
Madoff is the designated fall guy and those who he is protecting are folks in very high places. A real investigation would include IDB and folks connected to it. Unfortunately, the same forces that are preventing Madoff from going to jail are covering up the substantial links and are directing the SEC to conduct a cover up. I think Madoff may even try a "Sam Israel" in the near future, stay tuned.
News flash, Obama''s SEC "elect" is named in a lawsuit as lying to enrich herself to the tune of 57% pay raise after she approved a merger deal! So you guys think the "new" SEC will go after Madoff? Think again. - Reply to this comment
- Let Madoff go to Prison so he will be violated by Bubba in the same way that he violated his investors.
- Reply to this comment
- "The London School of Economics pumps out ''''''''soldiers of finance'''''''' year after and sends them out into the world like locusts to globalize their parasitic system."
Mick Jagger did pretty well after dropping out early. - Reply to this comment
- Why doesn''''t these articles admit that ALL hedge funds, buy-out-firms, and private-equity-groups are PONZI schemes?
Most of this financial krap is taught in the London School of Economics.
In the London School of Economics students are educated in how to manage the Anglo-Dutch Imperial Financial System.
British central banker John Maynard Keynes came to the United States to promote British PONZI schemes like hedge funds and buy-out-firms by blowing out national currencies so private cartels can suck them up for ''''pennies on the dollar''''.
According to London School of Economics, a dynamic is created to where all nations are de-industrialized and left with becoming exclusively ''''export driven'''' economies for the glory of trading/speculation in Wall Street/City of London.
The London School of Economics pumps out ''''soldiers of finance'''' year after and sends them out into the world like locusts to globalize their parasitic system.
For many years now they have infested American universities to promote ''''free trade'''' or ''''export economy'''' and the benifits of hedge funds and buy-out-firms. - Reply to this comment
- IN THE ENTIRE HISTORY OF THE "BAIL" CONCEPT, HAS THERE E*V*E*R BEEN ANOTHER CASE OF SUCH AN ABSURDLY-LOW BAIL? -- MADOFF ADMITS TO DEFRAUDING PEOPLE OF $50,000,000,000 -- AND, HIS "BAIL" IS SET AT ONLY 1/5,000th of THAT AMOUNT (1/50,000th OF THAT AMOUNT, IF HE WAS ALLOWED TO PUT UP ONLY 10%). -- YOU DON''T HAVE TO BE A "MATHEMATICIAN", NOR AN "ETHICS SCHOLAR", TO REALIZE THAT S*O*M*E*T*H*I*N*G R*E*A*L*L*Y S*T*I*N*K*S H*E*R*E!
- Reply to this comment
- Title:
CAN JUDGES'' DECISIONS BE INFLUENCED BY LARGE SUMS OF MONEY?
HEAVY, CRITICAL ANALYSIS:
Yes. - Reply to this comment
- REVOLUTION CALL TO DISCLOSE, TO SEQUESTER AND TO CONFISCATE SECRET AND OFFSHORE BANK ACCOUNT MONEY AND ASSETS!
OR
VISITING UPON A VERY, VERY DIRTY ADJUDICATION MATTER
What are the main purposes of secret bank accounts, foreign, and/or offshore bank accounts? for respect, protection and privacy? WHOSE?
Such ''owners'' have not exactly placed these assets and monies in SECRET AND OFFSHORE BANK ACCOUNTS for the benefit of their fellow man, or to help the world community.
Protecting or covering up greed, and hiding what is likely unlawfully-acquired wealth, is no way to demonstrate good intention toward...[you name it]
Why then is their the need for SECRET ACCOUNTS?
Determined global effort required to correct... - Reply to this comment
- I want to know how Ellis and Madoff are connected and how much Ellis is getting for this stupid decision. Some of you lazy reporters ought to get off your duff and check into this. Something really stinks.
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- Chump change compared to the ripoff congress and wall street are pulling on the American people,,,,,but then again....how far would all the money go that has been robbed from the people this last 8 years...if it were to go towards actually helping the taxpayers that put it there...instated of going into the pockets of greedy people who do not care about this country or its people.......time to make changes all right....and it starts with getting rid of all the sleezeballs that have only pretended to represent the people.
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- Judge in the pocket. Madoff is accused of fraud to the tune of $50 billion. The body of evidence is enormous. Madoff''s bail is only $10 million and the bail he put up is "delusional" bail because none of it belongs to Madoff. It belongs to his defrauded victims. Madoff is using victim''s money to pay for legal fees as well as the bail. In drug cases the accused is never, ever allowed to use their ill-gotten gains to pay for bail or for legal fees. That money is always, always frozen and rendered unusable. Madoff has absolutely no reason NOT TO FLEE, since he stands to lose nothing if he does. This judge''s ruling shows just how far and deep this fraud really reaches, as a judge now coddles a blue-blood with TLC kid gloves and a warm, cozy embrace. Another judge on the take. Another fraud in the legal system. And we wonder why the blue-blood Wall-Street crimes keep rolling in. Keep an eye on this judge''s bank account.
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- This is just another example of crooked politicans/judges, etc. protecting bankers; brokers; big oil; and the rich of Wall Street at the expense of Middle America!! This Judge should be investigated by the Justice Department....then again what am I talking about!! The Justice Department is part of the group protecting the crooks of Wall Street!!!
- Reply to this comment
- Follow the money trail back through Secret Offshore Accounts in the Caymans, through GMAC, International Banking Cartels, all the way back to Israel, home of Mossad and False-Flag Black Ops like 9/11.
Cerberus, with tentacles that reach into every corner of War Profiteering Venues in Iraq and Afghanistan, not to mention the Booming Business in Worldwide Opium/Heroin Distribution since removal of the Taliban by their American Military Subcontractors......
If God hadn''t intended for Goy to be Pillaged, Raped, and Murdered for the entertainment and enrichment of Zionists, he wouldn''t have made them such Shmoks...... - Reply to this comment
- Fifty billion dollars vanished, without a trace. Nobody got it. It blew across the parking lot when Bernie opened his car door. So says the SEC. Keep smilin'' middle-class, you ain''t seen nothin'' yet.
- Reply to this comment
- Israeli Intelligence could get a lot accomplished in the month given before Bernie has to report back to Court......I can think of many "Undiagnosed Illnesses" that could be used to explain his sudden and unexpected trip into the Universal Oneness.....(Autopsy conducted by Covert Operative planted in NY ME''s Office).....Yet another potentially embarrassing International Incident avoided......
Gotta love those Israelis..... - Reply to this comment
- nes718 ... I am glad you posted here and know what you mean. This is set by fate and faith perhaps in you posting this here. I applaud and salute you. Even though the worst may come for you, I give you praise in the best sense. You have provided the best in the people knowing the real truth. It shall be remembered.
Thanks so much again.
Peace and Love - Reply to this comment
- ``Are you in danger of your life?''''
Not yet but there is one man who has been reporting this stuff that has gotten "Homeland" security sicked on him in a Chicago suburb. His site is bollyn[dot]info and he''s covering this and other crimes extensively.
But the corruption at IDB has been covered by everyone even the Jerusalem Post. Also there is currently and investigation in Israel:
"In January 2007, Israeli State Prosecutor Eran Shendar ordered police to begin a criminal investigation into Prime Minister Ehud Olmert, on suspicion of having influenced the sale of a controlling stake in Bank Leumi."
Don''t believe me BTW, look this stuff up from various other sources. Even most Israeli press is more unbiased then the controlled American "press." - Reply to this comment
- ``That should be heard by all...but it won''''t, will it??!!''''
If enough people know about this, mainstream media must cover it (up?) someway. Awareness would shine the light of truth and would expose the fraudsters and would enable the authorities (who are afraid of their own shadows) to broaden their scope.
When discussing anything "Israel" most feel that is a third rail that should not be touched. The time for that kind of thinking is long past. It is literally a matter of life and death you do your duty and inform other since "news" agencies are really slick propaganda mouth pieces of our rulers. - Reply to this comment
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