A judge in the US has rejected prosecution calls for Bernard Madoff to be sent to jail claiming he had breached the terms of his bail.
The 70-year-old Wall Street investment adviser has given away 700 thousand euros worth of valuables and personal possessions since his arrest in December on suspicion of fraud. Despite breaching a clause dealing with the freezing of assets, the judge ruled there was not enough evidence to merit detention – but others disagree.
“The question is not whether those standard detention type crimes will be committed in the future but whether economic crimes will be committed. The government suggested that he really might be capable of committing economic Crime and certainly the effort to dissipate assets in this case may well have constituted such a crime,” said Dan Richman, Professor of Law at Columbia Law School.
Madoff will be allowed to stay in his plush Manhattan apartment, but his post will be checked daily and he will have to provide an inventory of his portable belongings. He has not formally answered charges of investment fraud totalling 37 billion euros.