Legal News

If Bernie Mailed Assets, Should His Bail Be Revoked?

By Dan Slater

Last month, Bernie Madoff might’ve considered himself fortunate when the feds opted not to object to his bail, allowing Madoff to post a $10 million bond in exchange for his freedom. Madoff later agreed to terms requested by the government, including home detention, a 7 p.m. curfew and an ankle bracelet for monitoring purposes.

Now it looks like that freedom is in jeopardy. At a hearing today, Assistant U.S. Attorney Marc Litt made a request to revoke Madoff’s bail. Litt, according to the AP, said Madoff violated bail conditions by mailing about $1 million worth of jewelry and other assets to relatives. Litt wants Madoff jailed without bail.

Madoff’s lawyer, Ira Sorkin, reportedly described the items as heirlooms that included cufflinks and antique watches. Sorkin, according to the AP, said they were not significant assets.

Last month, Wayne State’s Peter Henning told the Law Blog that, under the Bail Reform Act of 1984, which governs bail in the federal system, judges are largely asked to consider two factors in deciding whether to grant bail: 1) whether the person poses a threat to the community and 2) whether the person is a flight risk.

The judge is expected to make a decision later in the week.

LB’ers: Does this revelation about Madoff mailing assets require that his bail be revoked?

Full post as published by Law Blog - WSJ.com on January 05, 2009 (boomark / email).