- 1Motion for home confinement while awaiting trial was denied
- 2Judge cited a prior flight abroad in 2019, outstanding warrants and an apartment in Dubai
- 3GPS monitoring and a large bond package were deemed insufficient
A judge has denied Saul Shalev's motion to be released on home confinement while he awaits trial. Shalev is accused of masterminding what the industry has called a long-running mystery fraud in small business finance.
The judge's reasons
In a written explanation, the judge said several factors weighed in favor of detention:
- Shalev previously fled the country in 2019 when facing lesser charges, which the judge said may give him more incentive to flee now that the potential penalties are more serious.
- His strong family ties to New York did not keep him from leaving before and did not bring him back for more than six years.
- He did not return voluntarily. He was apprehended while on vacation in Spain.
- At the time of the arrest, he kept an expensive apartment in Dubai, and he does not appear to have been employed after 2021.
- Warrants against him remain open in New York and New Jersey, and he has missed court appearances and tried to dodge law enforcement before.
- The criminal complaint and affidavit, plus further evidence collected at the arrest, suggest strong evidence for the charged offenses.
The bond offer
The judge concluded that the significant bond package Shalev proposed, along with GPS monitoring and home incarceration, was not enough to reasonably assure he would appear at trial.
Source reporting: deBanked.
