Bernard Madoff, the president of Bernard L Madoff Investment Securities LLC, was placed under house arrest and subject to electronic monitoring following his arrest last week in an alleged $50 billion fraud.
US Magistrate Judge Gabriel Gorenstein in Manhattan also ordered Madoff’s wife Ruth to surrender her passport. The ruling came as a bail hearing for her husband was postponed for a second time in as many days.
“Defendant’s wife shall surrender her passport by noon on Thursday,” Gorenstein said today in a one-page order.
Bernard Madoff was arrested December 11 after telling his two sons and federal investigators that he’d been using money from new investors to pay off old ones in a Ponzi scheme at his New York firm.
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