Monday, January 12, 2009

Madoff - Bail Holds

Chad Brey, WSJ has an article online titled - Madoff to Remain Free. (see also Diana B. Henriques, NYTimes, Judge Rules Madoff Can Remain Free on Bail.   

This is not a surprising result as Madoff has not been convicted of any crimes and has not been indicted. Although the courts have been providing varying results in cases post-conviction (Bernie Ebbers remained free; Jeff Skilling to prison; Martha Stewart free until she decided to go; Former Atlanta Mayor Bill Campbell to prison; Conrad Black to prison; Wesley Snipes bail, etc.), one seldom sees a white collar offender in prison prior to trial.  The test applied by judges is found in 18 U.S.C. s 3142, which provides in part:

"upon motion of the attorney for the Government or upon the judicial officer’s own motion in a case, that involves—

(A) a serious risk that such person will flee; or
(B) a serious risk that such person will obstruct or attempt to obstruct justice, or threaten, injure, or intimidate, or attempt to threaten, injure, or intimidate, a prospective witness or juror."

Thus, when a court is able to find measures to assure that there is no flight and when there is little likelihood of an obstruction, placing the individual in jail pre-trial is unlikely. So seeing a court ruling that Madoff remain free and adding measures to make certain that assets are not dissipated, is not surprising.


Addendum - Mark Hamblett, NYLJ,, Madoff Ruled Not a 'Danger to Community' Remains on House Arrest

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But he violated the bail conditions. He attepted to hide assets. Thats all the judge needed. Unreal.

Posted by: DAG | Jan 13, 2009 5:22:27 AM

I am really waiting to see what is going to happen here... Hope dude goes to jail for a long time. White Collar crime is indeed crime.

Posted by: Michael | Jan 13, 2009 5:22:47 AM

Madoff is walking around the Upper East Side without two coins to rub together, his plastic don't work, and nobody will give him the time of day. Do me a favor. Book me.

Posted by: Brian R. Higgins | Jan 13, 2009 2:16:25 PM

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