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December 17, 2008

White-collar fraud meets technocorrections for Bernie Madoff

There are already too many notable stories surrounding the Bernie Madoff fraud for me to cover them well, and the MSM is covering a lot of the bases already.  But, thanks to WSJ Law Blog post, I see that we have now got a technocorrections angle worth covering:

[T]he terms for Madoff’s bail have tightened up. He may not have been much of a flight risk before, but he sure isn’t going to be one now: A bail hearing scheduled Wednesday for Madoff was canceled after he agreed to terms requested by the government, including home detention in his Manhattan apartment and a curfew of 7 p.m.  He will also be required to wear a monitored ankle bracelet. Here’s the government’s press release.

Madoff’s wife, Ruth, will surrender her passport and pledged properties she owns in Manhattan, Montauk, and Palm Beach to help secure the $10 million bond.  A federal judge gave Madoff until Wednesday to find a total of four co-signers for his bail package.  After his arrest last week, he was released on a personal recognizance bond secured by his apartment in Manhattan, which is worth about $7 million.  But as of Wednesday, only two people — Ruth Madoff, and Madoff’s brother, Peter — had signed the bond, meaning they are on the hook financially if Madoff flees. Hence, it seems, the need for the ankle bracelet and curfew measures.

I likely won't blog much about the Madoff case unless/until sentencing approaches.  But readers are certainly welcome to use the comments to this post to discuss any aspects of the Madoff matter that is of interest.

December 17, 2008 at 11:51 AM | Permalink


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