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Wednesday, Feb. 21
The Indiana Daily Student

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Madoff in court for bail conditions

Besieged money manager Bernard Madoff has arrived at a Manhattan courthouse, where prosecutors are making another move to have him jailed.

Madoff did not speak as he was ushered into the courthouse around 1:15 p.m. Wednesday. Metal barricades held back a large group of photographers.

He was scheduled to appear in court around 2:30 p.m.

Prosecutors are appealing a judge’s ruling that Madoff could remain free in his $7 million penthouse despite government claims he improperly sent valuable jewelry and watches to close relatives and friends.

The hearing comes as investigators continue to dig through the former Nasdaq chairman’s financial records.

Authorities say Madoff has described what he did with investor’s money as a $50 billion Ponzi scheme, paying investors with money raised from new clients.

On Monday, U.S. Magistrate Judge Ronald L. Ellis ordered a tightening of Madoff’s $10 million bail conditions to require that his outgoing mail be monitored by a security firm and that an inventory be made of any valuables in his Upper East Side apartment. Madoff  was already confined to his apartment with electronic monitoring and 24-hour guard.

Prosecutors notified the court shortly afterwards that they would appeal the decision to a federal judge. The hearing Wednesday will focus on the appeal.

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