NEW YORK (AP) — Disgraced money manager Bernard Madoff has won the latest round in his battle with prosecutors over his bail package.

A judge allowed Madoff to remain free Wednesday, turning back an appeal by federal prosecutors. The judge said that prosecutors failed to make a compelling argument that he's a flight risk or a danger to the community — the two main requirements for bail decisions.

Authorities say Madoff has said he ran a $50 billion Ponzi scheme, paying investors with money raised from new clients.

He has been free on bail at his penthouse. But the government says he should be jailed for sending more than $1 million in jewelry and gifts to family and friends over the holidays.

The defense said the gifts were an innocent mistake.