December 17, 2008

Madoff detained in NYC apartment

The New York financier accused of perpetrating an alleged $50 billion fraud was ordered by a judge Wednesday to be detained in his Manhattan apartment.

Bernard Madoff is accused of running a decades-long Ponzi scheme. He was allowed to remain in his $7 million New York apartment rather than going to jail, The Financial Times reported.

In light of this order and the agreement of both the defendant and the government to the changes in the bail conditions, there is no need for a further hearing on bail today, the judge's order said.

Madoff, who founded Bernard L Madoff Investment Securities, faces one count of securities fraud and separate civil charges by the U.S. Securities and Exchange Commission.

In related news, Securities and Exchange Commission Chairman Christopher Cox said Wednesday that the agency has found no evidence of wrongdoing by any SEC personnel in connection with Madoff's activities, ABC reported.

I was very concerned to learn this week that credible allegations about Mr. Madoff had been made over nearly a decade and yet never referred to the commission for action, Cox told reporters.