A federal judge just granted bail to Ponzi King Bernard Madoff’s right hand man, Frank DiPascali Jr., suggesting that the former CFO for Madoff’s investment unit has proven an asset to federal prosecutors.
DiPascali has been jailed since pleading guilty in August, and his attorneys have been unsuccessful in getting him out on bail. The judge in the case, U.S. District Judge Richard J. Sullivan in Manhattan, has expressed doubt as to the legitimacy of DiPascali’s cooperation, saying he feared his information might be another “scam.”
Now, Sullivan is ordering that DiPascali be released on a $10 million, a bond that will be co-signed by nine “financial responsible” persons and secured by $2 million in cash or property. The judge said his decision followed a December letter by federal prosecutors, which remains under seal.

