NEW YORK (Bloomberg) — Bail for Bernard Madoff, alleged mastermind of a $50 billion fraud, should be revoked because he may flee, New York lawmaker Anthony Weiner said.

It would be a "mistake not to consider him a flight risk", Weiner, a Brooklyn Democrat, said at a news conference outside Madoff's apartment building. Madoff should be in a "dank, cold jail cell", Weiner said.

Madoff, 70, was arrested on December 11 and charged with a single count of securities fraud. In court documents, prosecutors and the SEC said he had said his investment advisory business was "all just one big lie".

Madoff and his wife, Ruth, were ordered yesterday to surrender their passports. The couple appeared in court yesterday to sign documents to give up homes in Montauk, New York, and Palm Beach, Florida, if Bernard Madoff flees.

He is now subject to electronic monitoring and a 7 p.m. curfew.