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Madoff under house arrest as fraud probe continues

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Madoff under house arrest as fraud probe continues


Bernard Madoff, accused of orchestrating a 35 billion euro fraud, has been placed under house arrest. A federal judge ordered the former darling of Wall Street be confined to his exclusive Manhattan apartment. Madoff will be fitted with an electronic tag and will only be allowed to leave his house for pre-arranged appointments with the authorities. Madoff’s confinement was a result of his failure to meet bail conditions.

Meanwhile, the government regulator charged with protecting investors said “credible information, on many occasions, was handed to the agency, but at no point was he referred for formal investigation.” Madoff was arrested last week after police say he confessed to overseeing a long-running swindle that cheated banks, charities and the rich and famous. Some of the biggest banks in Spain, France and Britain have been badly burned by the scam essentially an enormous Ponzi, or pyramid, scheme. The latest bank to announce major losses as a result of Madoff is the French banking giant BNP Paribas. Madoff is due back in court on January the 12th.

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