The judge seems to think that there are only two risks in allowing bail or not, flight and security risk. What about expoliation risk?
Mr. Madoff appears to have shown that he cannot be trusted with company and other funds and creditors should be very concerned that he is still out on the street and still able to sign checks.
On another matter, much has been said about his children bringing this fraud to light, children that have been working in senior positions in the company for a numerous years.
Given the current environment, this fraud would have come to light shortly. I wonder if anyone is going to investigate how much they knew and when they knew it.
Alerting the authorities of an inevitable disclosure should not be sufficient immunity, if they knew more or if they actively participated in the scam.
Onésimo Alvarez-Moro
See article:
A federal magistrate refused to revoke bail on Monday for Bernard L. Madoff, the financier accused of operating a $50 billion Ponzi scheme, while signs emerged that his lawyer was actively negotiating a plea agreement that could conclude the baffling fraud case without a trial.
Federal prosecutors acknowledged in a court order released Monday that Mr. Madoff’s lawyer, Ira Lee Sorkin, is “engaging in discussions concerning a possible disposition of this case.”
While Mr. Sorkin would not comment, several former prosecutors said that language clearly indicated that the discussions were about a deal in which Mr. Madoff would agree to plead guilty in exchange for some type of leniency.
See full Article.
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