Wednesday, 2 September 2015
Last updated 1 hour ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…