Saturday, 31 January 2015
Last updated 20 hours ago
Jan 12 2009 | 12:19pm ET
It looks like Bernard Madoff is going to sleep on his 500-thread count Egyptian cotton sheets again tonight. A judge decided today that the accused mastermind of what is allegedly the largest Ponzi scheme in history will remain free on a $10 million bond but will continue to be under house arrest at his posh Manhattan penthouse.
U.S. prosecutors had asked that Madoff be jailed while awaiting trial on a federal fraud charge. U.S. Magistrate Judge Ronald Ellis ruled that Madoff was not a flight risk and did not pose a threat to society.
In other Madoff news, the alleged swindler is making his first public apology: not for allegedly bilking investors out of $50 billion, but for inconveniencing his neighbors.
On Dec. 22, Madoff sent white envelopes, each marked with an individual apartment number on it in pencil, to his fellow co-op owners at 133 East 64th Street apologizing for “the terrible inconvenience” of attracting the media circus to residential building, the New York Times reports. He also thanked his neighbors for their support.
Unfortunately, his neighbors aren’t sending back their love. A resident interviewed told the newspaper, “We thought the court should move him to his house in Montauk. Then if someone goes and wants to take him out with a handgun, that’s not my problem.”
The building’s co-op board also looked into having him moved elsewhere.
Madoff has been living under house arrest in his penthouse since his arrest on Dec. 18.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…