BUSINESS
02/05/2009 05:12 am ET | Updated May 25, 2011

Bernie Madoff Leaves Apartment, Headed To Bail Hearing (VIDEO)

NEW YORK — Disgraced financier Bernard Madoff (MAY'-dawf) 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.

Watch him leave his apartment for the first time in weeks (video courtesy Fox Business):

READ ABOUT THE BAIL HEARING, IN WHICH PROSECUTORS ARGUED THAT MADOFF IS A FLIGHT RISK, HERE