Judge Rules In Favor Of Madoff, Allowing Him To Avoid Jail And Remain Confined To NYC Condo

New York, NY (AHN) - A judge ruled in favor of disgraced investor Bernard Madoff on Monday, allowing the fallen money manager to remain free on bail and rejecting prosecutors' attempts to send him to jail for violating his bail terms.

Prosecutors allege that Madoff violated his bail terms by mailing more than $1 million in jewelry to family and friends over the holidays, arguing the move should be enough to revoke the previous bail terms allowing Madoff to be confined to his lavish $7 million Manhattan apartment instead of jail. Magistrate Judge Ronald L. Ellis was not swayed by prosecutors' arguments, ruling that, "The government fails to provide sufficient evidence that any potential future dissemination of Madoff's assets would rise to the level of an economic harm."

Although Madoff, who is accused of swindling $50 billion in the largest Ponzi scheme in U.S. history, will not have to spend time in jail while waiting for charges to be brought against him, the judge did give Madoff certain restrictions.

"It is highly suspect that a man as sophisticated as Madoff appears to be did not pause to consider the possible ramifications of this proposed course of action on his release conditions," the judge explained.

"Given Madoff's failing in this regard, it is appropriate that his ability to transfer property be restricted as completely as possible," he added.