DARLENES NOTES FROM THE COURT HEARING YESTERDAY:
Nicks lawyer Stacey Richmond offered the Judge the following for bail:
the house of Nicks Parents worth aprox 425K ,
the equity of his sister and brother in laws house worth aprox 43k....
the equity of a friends house in North Carolina name not given 19k ,
someone in the familys 401k worth 47k
the parents house is in a life estate and is being left to Nick his sister and their brother who lives in Michigan think his name is Thomas.
the court was originally asking for 750K or more...
The Prosecutor said she feels the monies offered by family and friends are tainted, or at the very least... the sisters monies.
the judge would like the prosecutor to prove that.
Richman said she will have Nick in a bracelet , his calls will be monitored.
That he needs to be a father to his children and he needs to be out of jail to work with her on this case.
Richman argued that Nick knew in Nov he was being investigated and did not flee. Further, she said he is not a flight risk and why would an individual sacrifice his family.
She said asserted "Intent" was not there when he started the company.
She stated that his own house has not been seized that he and his wife are in the midst of a divorce (i'd like clarification on this).
That his family are hard working people, she stated what type of work they did , nursing asistant , brotherinlw i think she said works for verizon.....sister out on maternity leave....
The judge asked how will he support his family..in which stacey responded he will get a job of course nothing in the financial field
The prosecutor argued "he knew he was being investigated and still continued to take investors monies" .
....that the bail is not sufficient.
Finally, the prosecutor mentioned that he transferred 800 thousand out of his personal account in Nov back to the company because so many investors were showing up at his office he wanted to show them the some monies were there to cover debt. & loans.
And that he is able to flee.....and that this is now an International case.
There are investors in Germany , Hong Kong , Canada , Puerto Rico etc...
She went on to say he paid 63 million to his brokers and 80 in the commodities etc and this was OTHER PEOPLES MONEY NOT HIS!!!
that the loss is bigger than originally stated that it is up to 413 million and can get bigger and that there were 30 million in loans.
that there are victims in 10 countries.
regarding letters to the judge:
ANYTHING SENT TO HIM WILL BE POSTED IN THE DOCKET AND THAT IT WILL BECOME PUBLIC RECORD
PEOPLE WHO GAVE THEIR INFO AND ARE NOW BEING CALLED BY MEDIA ETC ETC>>>> THIS WAS STATED TO DARLENE BY THE PROSECUTOR>>>>
- ► 2010 (11)
- Today 4/30/09 "341 Meeting
- Bail hearing tomorrow
- Appointment to Creditors Committee
- MEETINGS AND HEARINGS..."WE DONT HAVE TO STAND TAL...
- 4/16/09 court hearing minutes :
- Where to send your letters:
- COSMO WAS IN COURT TODAY. NEXT HEARING 4/29/09
- Creditors Meeting is Scheduled... Be there.
- Upcoming Court Dates
- Nothing new to report.
- TRUSTEE MEETING NOTES and COMMENTS
- Trustee Meeting Today...
- We are meeting the "trustee" tomorrow.
- ▼ April (13)