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Madoff in federal court in NYC for bail hearing

Disgraced financier Bernard Madoff (MAY'-dawf) is in federal court in Manhattan awaiting a bail hearing.
/ Source: The Associated Press

Disgraced financier Bernard Madoff is in federal court in Manhattan awaiting a bail hearing.

A hearing was scheduled Monday afternoon for the 70-year-old Madoff, who is accused of duping investors out of as much as $50 billion in a giant Ponzi scheme.

Madoff has been under house arrest in his Manhattan apartment under an earlier bail agreement. He also owns yachts and mansions in New York's Hamptons and Palm Beach, Fla.

The former Nasdaq stock market chairman was arrested Dec. 11 on securities fraud charges after the FBI said he confessed that his private investment business was a fraud.