Bernard Madoff Remains Free on Bail, Judge Rejects Prosecutors Argument

Bernard Madoff will remain free on bail after a U.S. judge rejected prosecutors arguments that the disgraced financial investor had violated terms of a court order.

Madoff operated the largest financial scam ever, bilking clients out of $50 billion in a Ponzi scheme that bankrupted several prominent investors and devastated charitable organizations that placed their money in his hands.

Following his arrest on Dec. 11 a judge ordered Madoff’s assets frozen as a condition of his bail. It was later discovered that Madoff sent more than $1 million in jewelry and valuables to family and friends.

Prosecutors argued that Madoff violated the court order but lawyers for the investor argued he was unaware that he had violated the order. His lawyers also maintained that he was not a flight risk and there was no reason to place him behind bars prior to his trial.

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