Madoff Right-Hand Man Wins Bail

Feb 16 2010 | 3:38am ET

Frank DiPascali, the CFO of Bernard Madoff’s $65 billion Ponzi scheme, has been granted bail.

DiPascali will be released from prison this week after finally convincing a judge to grant him bail. U.S. District Judge Richard Sullivan last year repeatedly denied DiPascali’s bids for freedom, saying that, despite DiPascali’s cooperation with the authorities, the 53-year-old was a flight risk.

Sullivan had noted that DiPascali’s potential sentence was “astronomical.” DiPascali faced up to 125 years in prison after pleading guilty to 10 counts of conspiracy, fraud and money laundering in August. The judge refused to grant DiPascali bail despite the fact that prosecutors did not oppose his freeing.

Under the terms of his bail, DiPascali will be confined to his home. He and his wife have also agreed to forfeit all of the family’s assets save for a sum of less than $300,000 to be set by prosecutors, DiPascali and Sullivan. The bond is to be secured by $2 million in cash or property.

DiPascali is only permitted to leave his New Jersey home for court appearances, travels with investigators and medical emergencies. At least one Federal Bureau of Investigation agent must accompany him for all of those trips save the last.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...