Judge applies strict terms to Madoff bail

Israel News.Net
Monday 12th January, 2009

A US judge has denied a prosecutor’s request to jail suspected swindler Bernard Madoff.

The judge however tightened conditions for Madoff to remain under house arrest.

Last week, the prosecutor asked the judge to revoke Mr Madoff's bail, claiming that he had violated a court order freezing his assets.

It was claimed Madoff had sent valuables to relatives and friends, in an attempt to secure his remaining capital.

Mr Madoff has now been ordered to furnish the court with a complete inventory of goods in his New York home.

The contents will be checked every two weeks.

He will also no longer allowed to carry out any bank transactions.

The 70-year-old Wall Street tycoon is suspected of swindling investors out of around 37.3 3 billion euros in a pyramid scheme, whereby early investors were paid off by money from new clients.

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