Bernie Madoff's Accomplice to Stay Behind Bars For Now, Judge Rules
Frank DiPascali Pleaded Guilty, Awaiting Sentencing, in Ponzi Scheme
Bernie Madoff's right hand man in his massive Ponzi scheme, Frank DiPascali, was sent back to prison today by a federal judge who deferred reconsidering his earlier decision to jail the key Madoff associate while he awaits sentencing.
"His incentive to flee is considerable," Judge Richard Sullivan said of DiPascali at the hearing, which lasted just over an hour.
The revised bail package offered by prosecutors and DiPascali's defense offered a $10 million bond package and $2 million in cash and property, but Sullivan deemed it "inadequate."
He did not say when he would rule on DiPascali's bail.
Click here to go behind the scenes of Brian Ross' investigation into Bernie and Ruth Madoff.
Issue of Deferring Sentencing
As a separate issue, the judge said any further submissions from both sides must address the issue of sentencing DiPascali quickly and then later submitting arguments for his sentence to be reduced based on cooperation with investigators.
There is a pattern in New York of deferring sentences for cooperators, Sullivan noted, but he said he did not see why that needed to be the case with DiPascali.
Sullivan said he saw no "real downside" to sentencing DiPascali sooner than later and that, while he appears to be cooperating, how much information he turns over remains to be seen in this "high-stakes game."
DiPascali's attorney Mark Mukasey did not return repeated requests for comment.
His wife declined to comment to ABC News outside the courthouse following the hearing.
DiPascali pleaded guilty in August to 10 counts related to the fraud, describing the transactions as "all fake."
"It was all fictitious," DiPascali said in court. "It was wrong, and I knew it at the time."
The judge at that hearing surprised DiPascali's legal team and prosecutors by rejecting a request from both parties that DiPascali remain free until sentencing because he agreed to cooperate with investigators and provide details about those in Madoff's inner circle who were involved in the fraud.
Click here for complete Blotter coverage of Madoff and his Ponzi scheme.
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