Madoff avoids jail, at least for now

United States Magistrate Judge Ronald L. Ellis refused to revoke bail yesterday (January 12, 2009) for Bernard L. Madoff despite the following conduct:

• Madoff mailed approximately $1 million in watches and other jewelry to family and friends on Christmas Eve.
• Prosecutors discovered that Madoff had plans to send $200-300 million to family members and friends.  He had already signed $173 million in checks before his scheme was uncovered.

The judge acknowledged that this was evil conduct but believed that such conduct did not show by clear and convincing evidence that he was a flight risk.

See Diana B. Henriques, Madoff Still Free on Bail; Signs Seen of Plea Deal, NY Times, Jan. 13, 2009.