A federal judge ruled Bernard Madoff to remain free on bail on Wednesday, rejecting prosecutors' requests to jail him while the investigation of a $50 billion fraud allegedly perpetrated by him continues.
Madoff appeared today at a hearing in Manhattan, after prosecutors appealed a ruling on Monday that granted him freedom under bail in his Manhattan apartment valued at $7 million.
Madoff's alleged act is seen as the largest Ponzi scheme fraud ever. If convicted he faces up to 20 years in prison. However, he is now at his home with his wife under constant surveillance and a freezing assets order.