A U.S. judge ruled Monday to continue bail for accused swindler Bernard Madoff but added three conditions while investigators probe a worldwide $50 billion investment fraud they said he confessed to last month.
Prosecutors last week asked a judge to revoke Madoff's bail, saying he violated a Dec. 18 court order freezing his assets by mailing more than $1 million worth of valuables to relatives and friends.
Madoff's lawyer argued that he "simply did not realize" that sending personal items would contravene the court order. They added that he was not a flight risk because he is under house arrest and 24-hour surveillance.
Madoff, 70, a former chairman of the NASDAQ stock market, was arrested and charged on Dec. 11 for what would be Wall Street's biggest Ponzi scheme, one in which early investors are paid off with the money of new clients.
Fast Money readers have a thing or two to say on the issue. "Letting Bernie spend his “punishment” in his 7 million dollar apartment, isn’t giving anyone any peace of mind," says Ellen M.
Domenick T. adds, "Time for the American people standup and protest the judge's decision. Maybe its time to replace the judge."
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CNBC.com with wires