According to CNBC, the
judge ruled that federal prosecutors failed to prove their contention
that Madoff posed risks sufficient to merit his incarceration pending
trial. The judge did, however, impose new bail conditions on Madoff.
Prosecutors wanted Madoff put behind bars after he was caught mailing
out the jewelry, which they claimed was a violation of his bail
agreement. But Madoff's lawyers called the sending of the gifts an
innocent mistake. Madoff has been confined to his penthouse around the
clock -- the only exception being court appearances -- and under constant
guard as part of his release.
Last week, prosecutors said investigators found 100 signed checks
worth $173 million
in Madoff's office desk that he was ready to send out to his closest
family and friends at the time of his arrest last month in what is
allegedly the largest financial fraud in history. -
Donna Block and George White
It appears that Bernard Madoff won't have to trade the comfort of his luxurious penthouse apartment for a bunk at Riker's Island prison. Manhattan federal Magistrate Judge Ronald Ellis ruled Monday afternoon that the disgraced financier shouldn't have his bail revoked after he and his wife sent more than $1 million worth of jewelry and heirlooms to family and friends. 
