Legal News

New Terms for Bernie: A Curfew, A Bracelet and Home Confinement

By Ashby Jones

On Monday, we asked the following question: why was Marc Dreier not released on bail, when Bernie Madoff was. The answer, it seemed, is that Dreier, who had spent some time over the last few years forging documents and impersonating others, represented a greater flight risk than did Madoff.

Well, after a bit of a delay, the 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.

Full post as published by Law Blog - WSJ.com on December 17, 2008 (boomark / email).