Madoff in house arrest
Güncelleme Tarihi:
Reuters
Oluşturulma Tarihi: Aralık 19, 2008 00:00
NEW YORK / WASHINGTON - Disgraced Wall Street investment manager Bernard Madoff, accused of orchestrating a $50 billion fraud, was put under house arrest on Wednesday.
BNP Paribas became the latest European bank to reveal its exposure to the scandal, and its stock was the main loser among Europe's top banks, as the chairman of the U.S. Securities and Exchange Commission again answered questions about why the alleged fraud went on for a decade.
A federal judge ordered Madoff, 70, confined to his $7 million Manhattan apartment and told Madoff's wife, Ruth, to surrender her U.S. passport as part of modified bail conditions. Madoff will be fitted with an electronic ankle bracelet and will only be allowed to leave his home for appointments prearranged with authorities.
Bloomberg reported that Ruth Madoff is being investigated by the SEC over whether she helped maintain secret records used in the alleged fraud, citing a person familiar with the matter.
On Wednesday, the Madoffs signed an agreement to forfeit their Manhattan apartment and properties in Montauk, New York and Palm Beach, Florida if they failed to adhere to the bail conditions.
Bernard Madoff was filmed by television crews leaving the federal court in Manhattan. With a calm expression on his face, he sat in the front passenger seat of a black SUV that sped away.
He later was seen getting out of a vehicle near his apartment building. Madoff walked briskly with a slight smile on his face as photographers jostled to take his picture before he entered the front door of the building.
The changes in bail conditions for the one-time Nasdaq Stock Exchange chairman were ordered as angry investors urged prosecutors to take a firmer stance.
"The investors I am speaking with are extremely upset and think he should be in jail today," said Ross Intelisano, a partner at law firm Rich & Intelisano said. "They think he is a flight risk, and they are shocked that the bail is so low."
Madoff was accused in a criminal complaint last Thursday of defrauding hundreds of wealthy investors in a Ponzi scheme. Under a Ponzi scheme, later investors' funds are used to pay returns to initial investors. He faces up to 20 years in prison and a maximum fine of $5 million if convicted.
BNP's stock was the main loser among Europe's top banks after it announced an unexpected 11-month loss at its CIB investment bank unit, blamed partly on exposure to Madoff.
In Asia, Great Eastern Holdings, the insurance arm of Singapore's Oversea-Chinese Banking Corp., said it had an indirect exposure of about $43.9 million to Madoff.
In Europe, the Dutch pension fund of Royal Dutch Shell said it had $45 million exposure.
An investor protection group in the U.S. overseeing the liquidation of Madoff's firm said it could take several years to sort through investor losses.
A federal judge ordered Madoff, 70, confined to his $7 million Manhattan apartment and told Madoff's wife, Ruth, to surrender her U.S. passport as part of modified bail conditions. Madoff will be fitted with an electronic ankle bracelet and will only be allowed to leave his home for appointments prearranged with authorities.
Bloomberg reported that Ruth Madoff is being investigated by the SEC over whether she helped maintain secret records used in the alleged fraud, citing a person familiar with the matter.
On Wednesday, the Madoffs signed an agreement to forfeit their Manhattan apartment and properties in Montauk, New York and Palm Beach, Florida if they failed to adhere to the bail conditions.
Bernard Madoff was filmed by television crews leaving the federal court in Manhattan. With a calm expression on his face, he sat in the front passenger seat of a black SUV that sped away.
He later was seen getting out of a vehicle near his apartment building. Madoff walked briskly with a slight smile on his face as photographers jostled to take his picture before he entered the front door of the building.
The changes in bail conditions for the one-time Nasdaq Stock Exchange chairman were ordered as angry investors urged prosecutors to take a firmer stance.
"The investors I am speaking with are extremely upset and think he should be in jail today," said Ross Intelisano, a partner at law firm Rich & Intelisano said. "They think he is a flight risk, and they are shocked that the bail is so low."
Madoff was accused in a criminal complaint last Thursday of defrauding hundreds of wealthy investors in a Ponzi scheme. Under a Ponzi scheme, later investors' funds are used to pay returns to initial investors. He faces up to 20 years in prison and a maximum fine of $5 million if convicted.
BNP's stock was the main loser among Europe's top banks after it announced an unexpected 11-month loss at its CIB investment bank unit, blamed partly on exposure to Madoff.
In Asia, Great Eastern Holdings, the insurance arm of Singapore's Oversea-Chinese Banking Corp., said it had an indirect exposure of about $43.9 million to Madoff.
In Europe, the Dutch pension fund of Royal Dutch Shell said it had $45 million exposure.
An investor protection group in the U.S. overseeing the liquidation of Madoff's firm said it could take several years to sort through investor losses.