Bernard Madoff, accused of the largest fraud in U.S. history, will be allowed to remain in his $7 million Park Avenue apartment instead of being sent to jail, under terms of an agreement announced today by federal prosecutors.
Madoff was unable to meet the bond conditions set last week by a federal magistrate which required him to get four people to sign his personal recognizance bond.
According to the U.S. Attorney's office, only Madoff's wife and brothers were willing to sign the document.
But instead of ordering him held in jail, prosecutors agreed to home detention with electronic monitoring.
Madoff and his luxury apartment on Manhattan's upper east side will be fitted with an electronic monitoring device by the court's pre-trial services and Madoff will be under a curfew of between 7 p.m. through 9 a.m. more
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