Madoff Remains Out On Bail, Apologizes

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.

Related Links:

January 12 Madoff Opinion


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note