theftlossdeduction.com

Steven Byers and Joseph Shereshevsky charged with conspiracy and securities fraud. Defendant out on bail subject to electronic monitoring and home detention.

On September 4, 2008, Joseph Shereshevsky was ordered released on a $10 million bond, subject to restrictions designed to ensure his continued appearance. He is confined to home detention, subject to electronic monitoring, and is allowed to leave his home only for medical reasons and to attend religious services.

The United States government has taken Shereshevsky’s passport. On August 20, 2008, Steven Byers was released on a $4 million bond, subject to restrictions designed to ensure his continued appearance.

Byers is under strict pre-trial supervision, his travel is limited to districts where he is required to appear in court, and he has been required to surrender his passport and any other travel documents to the U.S. Government.

On November 10, 2008, a federal grand jury in the Southern District of New York returned an indictment charging Steven Byers and Joseph Shereshevsky with conspiracy and securities fraud.

The criminal case has been assigned to Judge Denny Chin, who is also presiding over the related civil case brought by the U.S. Securities and Exchange Commission.

The defendants were arraigned before Judge Chin on Friday, November 14, 2008, at 3:00 p.m. Finally, on Monday, January 12, 2009, Judge Denny Chin modified defendant Steven Byers' bail conditions.

Byers' attorneys represented that he had been unable to provide property sufficient to secure the $4 million bond previously set. Judge Chin modified the terms of Byers' order of release to require security of $1.9 million in property, with additional co-signors, and gave Byers three weeks to comply with these new bail conditions.

During that time, the defendant is subject to electronic monitoring and home detention.