RT @footnoted "Seriously flouting established SEC rules makes a mockery of the system!"
— Sam E. Antar (@SamAntar) August 30, 2013
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Judge, Possibly Fearing a TP’d House, Denies Bail for Madoff CFO
Poor Frank DiPascali. The man’s name will be forever connected to largest Ponzi schemer (with, allegedly, the smallest penis) in history and he feels terrible about that.
Looks like DiPascali, who was a “CFO” in Ponzi World but in reality was probably just the best liar, will remain eating his meals with a spork until the end of his days.
His attorneys were trying bust the guy out so he can help investigators find a new Madoff cohort to put front and center but a judge denied bail yesterday despite a boatload of conditions:
Mr. DiPascali’s failed bail attempt came despite a new proposal presented by defense lawyers and prosecutors that included a $10 million bond, co-signed by nine people, including members of the DiPascali family, and the pledge of about $2 million in personal property. The new proposal required Mr. DiPascali to wear an electronic device that would plot his location by satellite. It also barred him from leaving home without an escort from the Federal Bureau of Investigation, except in a medical emergency.
Maybe the judge isn’t big on satellite technology but with Halloween on Saturday, it could have been a decision made on a more personal level. Those Madoff victims are a touchy bunch.
Court Denies Madoff Aide’s Request for Bail [NYT]
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Our Hopes for Sue Sachdeva’s Trial to Be a Circus Are Slowly Fading
The latest out of Brew Town is that a plea deal is in the works for alleged headphone bandit Sue Sachdeva. Rich Kirchen of the Milwaukee Business Journal reports that the U.S. Attorney confirmed that prosecutors were working with S-squared’s defense attorneys on a deal.
As far as all that loot is concerned, Kircher writes that the proceeds from the auction of said loot will go back to Koss.
We would humbly suggest that they get moving on this auction thing ASAP since Koss seems to be running short on time to get their restatements out. They’ve got 13 days and counting before the Nasdaq delists them like Lehman. Get an army of temps to whip that shit out so you can get back to running a ginormous, nepotistic headphone manufacturer.