Judge Sets Dreier Bail Conditions to Minimize Flight Risk

Judge Sets Dreier Bail Conditions to Minimize Flight Risk - 2-6-2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Judge Sets Dreier Bail Conditions to Minimize Flight Risk
Mark Hamblett

http://www.law.com. February 6, 2009
_________________________________________________________________________

EXCERPT: A judge issued a bail order Thursday paving the way for attorney Marc S. Dreier to exchange a jail cell for home detention while he awaits resolution of the $400 million fraud case against him. "I'm very pleased," said Gerald Shargel, Dreier's attorney, who immediately sent a copy of the ruling to his client at the Metropolitan Correctional Center. […] While acknowledging that Dreier is a risk to flee, Judge Jed S. Rakoff concluded Thursday that the bail package proposed by Shargel "goes far to minimize this risk." The judge agreed to remove the requirement that Dreier post $20 million bond, with $10 million secured by at least four responsible parties -- a condition Shargel said "effectively" denied bail for his client. Instead, the judge accepted the defense proposal to post a $10 million personal recognizance bond, that, while not secured by cash, will leave both Dreier's 19-year-old son, Spencer, and his 85-year-old mother, Mildred, on the hook if he fails to appear in court. The judge also adopted an admittedly controversial proposal that armed guards move into the Dreier apartment at 731 Lexington Ave. The guards will have the power to prevent Dreier from leaving and to use "'reasonable force' to thwart any attempt to flee," the judge said. Dreier must pay the estimated $210,000 cost of the guards -- representing $70,000 a month for the next three months -- into an escrow account at the U.S. Attorney's Office. Shargel, who has said his client is "penniless," has indicated the money would come from relatives. Dreier, 58, has been in custody since Dec. 7, when he arrived at John F. Kennedy International Airport from Toronto, where he had been arrested for criminal impersonation. He has been indicted on charges of conspiracy, wire and securities fraud.

Back to News page | Back to Archived News 2009 page | Back to Top

�