Jun.22, 2010

Bernie Madoff's right-hand man Frank DiPascali was released on $10 million bail Tuesday. In exchange for his continued cooperation with the FBI and prosecutors, who are still trying to track missing investor funds from convicted Ponzi schemer Madoff's $65 billion scam, DiPascali has been allowed to go home to his family kin New Jersey wearing an ankle bracelet as he awaits sentencing.

DiPascali, 53, secured the nine required cosigners to secure his $10 million bond. The other bail conditions included securing the bond with $2 million in cash and property, home confinement and electronic monitoring. DiPasclai has been behind bars for more than 10 months since pleading guilty last summer to taking part in Madoff's scheme.

Federal prosecutors filed papers in late February indicating that DiPascali's cooperation with prosecutors would result in an "extraordinary letter" seeking leniency for DiPascali. Once Madoff's chief financial officer, DiPascali faces up to 125 years in prison after pleading guilty to multiple counts of fraud, conspiracy, money laundering, perjury and income tax evasion.