Judge Sets Bernard Madoff Free on $10 million Bail

Bernard Madoff, former NASDAQ chairman of the board and founder of Bernard L. Madoff Investment Securities LLC, was arrested December 12 on charges of fraud for his involvement in a $50 billion Ponzi Scheme alleged to have taken place over the past few decades.

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U.S. Magistrate Judge Ronald Ellis in Manhattan today said Madoff, arrested last month for running an alleged $50 billion Ponzi scheme, may continue to live under house arrest in his Manhattan apartment on the Upper East Side. Ellis imposed new conditions, ordering Madoff to compile an inventory of all items in his home and barring him from transferring property.

Judge Ronald Ellis denied prosecutor Marc Litt's attempts to imprison Mr Madoff, instead imposing stronger bail conditions and ordering the 70-year-old fund manager to complete an inventory of all the items in his home to stop him from removing any assets.