Madoff's Key Lieutenant Frank DiPascali Free on Bail

Frank DiPascali, the right-hand man to Ponzi schemer Bernie Madoff, went free on bail Tuesday after months of incarceration.

Frank DiPascali
Source: unknown
Frank DiPascali

DiPascali pleaded guilty to 10 criminal charges related to Ponzi scheme in August. The judge overseeing the case denied bail at that time, but left the door open for his defense and prosecution to reach an agreement on a bail package and present it to the judge.

The agreed-upon bail package was approved by Judge Richard Sullivan in February. However, DiPascali only satisfied the bail requirements Tuesday.

Among the bail package requirements are a $10 million dollar bond signed by nine friends and family members, home confinement and electronic surveillance.

DiPascali is cooperating with the government in its ongoing Madoff investigation. Neither the U.S. Attorney nor DiPascali's attorney commented on Tuesday's activity.

Madoff is effectively incarcerated for life for perpetrating the largest Ponzi scheme in history.

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