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Brooks denied bail, remains imprisoned

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October 31, 2007 Send To A Friend  | Print View

Perfect World Enterprises' David Brooks was denied bail by a federal judge in New York Tuesday afternoon, keeping him in prison after being arrested last week on several charges including tax and securities fraud and insider trading.
 
According to reports, Brooks appeared in court wearing an orange jumpsuit and unshaven, and his lawyer made an extensive bail offer to U.S. District Court Judge Joanna Seybert that was denied. The attorney offered to forfeit $55 million in addition to the $135 million of Brooks's assets already seized; a $400 million bond secured largely by Brooks' children; an offer to pay for the security monitoring; and restrictions over who could visit him.
 
In arguing against bail, prosecutors stated that since Brooks allegedly has more than 100 bank accounts there was no way of knowing the full extent of his financial resources. They also argued that the $135 million in seized assets should not be able to be used toward bail.
 
"I think the government has established that there is a serious risk of flight," Judge Seybert was quoted as saying during the hearing. "I don't have a clue what this man's assets are."


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