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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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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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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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.
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- Madoff To Remain Locked Up
- Madoff Accountant Free On $2.5M Bail
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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.
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See all 214 CommentsThe fact that this question is still being asked is proof that our Justice System is F**KED.
jail is too good for him the very least he should get is jail until his trial
Bailout money and bail?
Just asking........
note: I support Israel in their fight to quash terrorism being inflicted upon them. We would do the exact same thing.....we already have!
It wasn''t just him, their are a few others involved !
Posted by beodishazmi2
Back to the sand box with you, diaper head.
He''s caused a ton of chaos and grief; one poor guy has already committed suicide because of him and his greed. He does not deserve to see the light of day ever again.
This is what they mean in th United States pledge of aleggiance, "and justice for all". Well, not "all" per say. The rich and connected are excluded, of course.
But so should the purveyors of the biggest Ponzi scheme in American history - the SOCIAL SECURITY PROGRAM!!!
It should be a crime to be a blithering idiot.
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Posted by JT_Lancer
And how, pray tell, did you determine that Social Security is a Ponzi scheme? Where is the fraud?
No one is having their money stolen from them, you get it once you retire you moron!
It''s just a mandated retirment savings program...which is good, because most folks are too dumb or irresponsible to do it for themselves!
http://www.ronnierayjenkins.com/topics/deathinappalachia/Empty_Chairs/
The judge has left the fox in the hen house.
How many small endowments and foundations have lost the capital with which they survived. Maybe some of those who reaped the profits from this venture should be forced to restore those funds - you don''t get to keep stolen property even if you buy it unknowingly.
Her bandages cover two festering sores that once perhaps were eyes.
I think that we can assume that everyone who had one of those checks made out to them was on the phone to the judge last night and we can also assume that they were not 7-11 clerks who needed the checks to pay their electric bill.
The people at the bottom of Madoff''s pyramid were the ones who got burned and considering how rich and powerful they were we can only imagine how rich and powerful they are. We can only imagine, because they will make sure we never know who they are and keeping Madoff out of jail is the next best way to keep him from telling. The best way would be to get rid of him permanently, which the are probably willing and able to do, butMadoff already knows that and you can assume he has made contingency plans for somehow getting their names out if he should suddenly fall out a window.
He shold have NO TV and eat food just like they do in JAIL. NO Internet.
Penthouse what a joke.
The common drug dealer would have had ALL of his possessions impounded and there wouldn''t be any discussion about bail.
TWO SETS OF RULES!
From what evidence is available, it appears that this guy did, indeed, commit very serious acts of fraud and theft. If convicted, he should be sent to prison for a long time.
However, a BAIL hearing is only intended to determine whether the defendant is a flight risk. If the defendant is likely to try to escape, the judge is then required to see if there is any way to ensure his appearance at trial short of jail (such as ... wait for it ... HOUSE ARREST).
The fact that he almost certainly stole huge amounts of money means that he will probably be convicted, and he will probably be sentenced to a serious prison term. If he is not, people have every right to be angry. But a bail hearing is not designed to punish defendants who haven''t been convicted of anything yet.
If anyone is a flight risk (including any money this fool may be hiding) it is him.
If you can steal $50B and not be seen as a flight risk, then nobody is a flight risk.
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