LAWFUEL – The Legal Newswire – Conrad Black has been granted bail, although his British passport has been retained and the judge told him not to return to his native Canada.
A Chicago federal judge today denied the government’s request to revoke the $21-million bond of the fallen media tycoon, allowing him to remain free, but in the United States, until his November sentencing on fraud and obstruction of justice convictions the Chicago Tribune reports.
U.S. District Judge Amy St. Eve on Thursday afternoon ruled Black — convicted last week in connection with a scheme that bilked millions from Sun-Times parent Hollinger International Inc. — had posted bond that was “significant” and did not deem him a flight risk.
A hearing on the matter was set for Aug. 1. In the interim, Black, 62, must stay in either the Chicago area or near his home in Palm Beach, Fla.
Thursday afternoon prosecutors filed a motion asking for Black’s bail to be revoked and for Black to be put in jail until his sentencing. Black could serve up to 30 years in prison, according to revised estimates by prosecutors. They initially estimated a sentence of 15 to 20 years.
Prosecutors maintained that the possibility of a lengthy sentence is good reason to revoke Black’s bond and contended that Hollinger’s former chairman and chief executive already had violated conditions of his $21 million bail by defaulting on a $10 million mortgage on his mansion in Palm Beach, Fla.