Thursday, 18 December 2014
Last updated 29 min ago
Oct 29 2009 | 2:55am ET
Frank DiPascali, the CFO of Bernard Madoff’s $65 billion Ponzi scheme, has been cooperating with the authorities in a bid for leniency. But so far, the judge overseeing his case hasn’t offered him any.
Despite the pleas of prosecutors, who told U.S. District Judge Richard Sullivan that DiPascali’s continued incarceration is hindering their investigation, the judge again denied DiPascali’s bail request. Sullivan ruled at the time of DiPascali’s guilty plea in August that the potential for 125 years in prison made Madoff’s right-hand man a flight risk.
Apparently, more stringent bail terms, including a $10 million bond signed by nine people, a $2 million personal property pledge, home confinement and electronic monitoring, are still not enough to convince Sullivan that DiPascali will stay put until his sentencing on conspiracy, fraud and money laundering charges in the spring.
The judge did not outright reject the bail bid, inviting prosecutors to show the “quality” of his potential cooperation in a sealed filing. If that convinces him, Sullivan said he would reconsider the bail bid.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.