NEW YORK – A judge on Monday allowed Bernard Madoff to remain confined to his Manhattan penthouse, rejecting a bid to jail the disgraced financier but imposing new restrictions to keep him from mailing any more valuables to family and friends.
In a ruling that provided limited satisfaction to investors wiped out in what may be the largest Ponzi scheme ever, Magistrate Judge Ronald L. Ellis ordered Madoff to take an inventory of the items in his $7 million apartment and submit his outgoing mail to security checks.
Prosecutors said they planned to appeal the ruling and ask another judge to revoke Madoff’s bail. The judge stayed his ruling for 48 hours, meaning the new restrictions will not take effect right away.
The judge also said restrictions in a separate civil case that apply to property under Madoff’s control would apply to the criminal case – meaning moving money around by computer would violate his bail conditions.