The government has lost its bid to have Bernard Madoff jailed while awaiting trial for a Ponzi scheme in which losses could reach $50 billion. New York Magistrate Judge Ronald Ellis recognized an expansive reading of the Bail Reform Act to include economic damage caused by a defendant while free on bail, but the judge said on Monday that the government fell short of showing that Madoff posed such a risk. However, Ellis did impose several new requirements as added protection.
Madoff Wins Bid to Avoid Jail; Judge Tightens Bail Conditions
New York Law Journal
January 13, 2009