SDNY COURTHOUSE, Aug 27 – On a
Venezuelan national charged with insider trading, the US
Attorney for the Southern District of New York on August
27 tried to drop the unsecured bond amount by 90%, from $5
million to $500,000.
Inner City Press was in the SDNY
Magistrates Court, the only media there, when Judge
Barbara C. Moses asked the Assistant US Attorneys why they
were lower the bond to amount that would be meaningless
for the defendant. They did not have any
good reason. Inner City Press, as it does, including
about cases that the Office seeks to seal and then attacks
its coverage of, live tweeted here:
OK - now white collar criminal with slew of
lawyers comes in, "self-surrender." He is Jesus Luis
Morell, "a senior executive at aerospace and defense
company HEICO on 3 counts of securities fraud / insider
trading."
Magistrate Judge Moses: Mr. Morell, do you speak English?
Morell: Yes, your Honor.
Judge: You have hired your own lawyer [Mr.
Seth L. Levine] The Grand Jury charges you with securities
fraud, 10(b)(5). Conditions of release?
AUSA: A $500,000 unsecured bond-
Judge Moses: You mean 10% of the current
bond?
AUSA: Yes he is a citizen of Venezuela. But
we are comfortable with this.
Judge Moses: I've seen his income. $500,000
is a drop in the bucket. Is he on paid leave? Defense:
Yes, paid
Defense Levine: This is consistent with
practice in this District and across the river...
Pre-Trial agreed to this reduction in bond-
Judge Moses: No, Pre-Trial doesn't do that.
The bond has to hurt, it has to be meaningful. I don't
think $500,000 would deter here. Will $500,000 make a
difference to him?
Defense: To his son... This case is only
about $1.8 million. It is nothing to him. But I don't want
the Court to be dissatisfied.
Judge Moses: I don't need your buy-in...
Mr. Morell, you will sign a bond of $2.5 million, with two
co-signers. There will be no cruising in Alaska this year
[Defense lawyer laughs forcedly] Defense:
Thank you very much
More on X for Subscribers here
and Substack here
The case is USA v. Morell, 1:26-cr-362 (Ho
/ Moses)
