Sunday, 24 July 2016
Last updated 2 days ago
Dec 17 2008 | 10:42pm ET
Accused fraudster Bernard Madoff has been given a curfew and will be electronically monitored under a new bail arrangement agreed to today.
Madoff, the Wall Street legend and hedge fund manager accused of orchestrating the biggest Ponzi Scheme in history, will remain free on $10 million bond despite failing to find four co-signers, as required by his original bail agreement. Instead, Madoff will be confined to his Manhattan apartment from 7 p.m. through 9 a.m. He has also agreed to electronic monitoring, which is to be installed as soon as possible, according to court documents.
As part of the new agreement with prosecutors, Madoff’s wife Ruth, who has not been charged with any wrongdoing, has agreed to surrender her passport by noon tomorrow. Madoff was forced to surrender his when he posted bail after his arrest last Thursday.
In light of the agreement, U.S. District Court Magistrate Judge Gabriel Gorenstein cancelled a bail hearing scheduled for today. Still, Madoff appeared at the federal courthouse in lower Manhattan to complete the paperwork for his new bail agreement. He made no statement.
Madoff will still be allowed to travel throughout Connecticut, downstate New York and Long Island during the day. But he will no longer be allowed to spend nights at his estate in Montauk, N.Y.
Madoff’s bond is secured by his $7 million East 64th Street apartment, the Hamptons estate and a home in Palm Beach, Fla. But he was only able to muster to co-signers of that bond, his wife and his brother Peter. His sons, Andrew and Mark, who worked with their father at Bernard L. Madoff Investment Securities but claim to know nothing about his alleged fraud, were unwilling to sign the bond.
Madoff has been charged with securities fraud in an alleged scam that may have cost investors $50 billion. If convicted, he faces as much as 20 years in prison and a $5 million fine.