Ex-Madoff CFO Loses Renewed Bail Bid

By Allison Grande

Law360, New York (October 29, 2009, 4:23 PM ET) -- A federal judge has refused to release the former chief financial officer of Bernard L. Madoff Investment Securities LLC on a proposed $10 million bail package until federal prosecutors can provide further information about his value as a government witness.

Judge Richard Sullivan of the U.S. District Court for the Southern District of New York on Wednesday challenged U.S. Attorney Marc Litt to prove that Frank DiPascali Jr.'s cooperation was “valuable in the search for truth” in the infamous multibillion-dollar Ponzi scheme before he would consider...
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