Barrack’s Bail Terms Eased, Allowing Him to Return to Work
Barrack’s Bail Terms Are Eased, Allowing Him to Return to Work
(Bloomberg) -- Tom Barrack can return to work, after a judge agreed to ease some of the restrictions on his movement and financial dealings.
Barrack, the businessman accused of acting as an unregistered agent of the United Arab Emirates, won a modification of his $250 million bail in an order made public on Monday. He had asked that some of the conditions of his bail be lifted so he could do business and travel to New York and Los Angeles to confer with his defense lawyers.
Barrack, founder of Colony Capital Inc. and a former top fundraiser for Donald Trump, was charged in July with illegally lobbying for the UAE. He pleaded not guilty and denies wrongdoing.
Under the bail modifications granted by U.S. District Judge Brian Cogan late Friday, Barrack can engage in financial transactions of more than $2 million provided he has the consent of prosecutors first. He doesn’t need that consent to pay his lawyers or engage in deals involving publicly held securities. For transactions between $1 million and $2 million, he must notify the government within 48 hours, including the date of the deal, the amount and the recipient.
Under the terms of his original bond, Barrack was prohibited from transferring funds overseas or engaging in transactions of more than $50,000 unless he had the government’s prior consent, with the same exceptions.
He also won permission to live temporarily in the Los Angeles area to visit his children and attend meetings with his lawyers as they prepare for trial. Barrack, who is under electronic monitoring, had previously been allowed to travel to Los Angeles and Colorado with prior approval from U.S. court authorities but agreed to make his home in Santa Ynez, California.
Barrack was indicted on charges of failing to register as an agent of a foreign government, as well as obstruction of justice and lying to federal officials during a 2019 interview.
He stepped down as chief executive officer of Colony in 2020 and then as executive chairman earlier this year. The company has been renamed DigitalBridge Group Inc. In a July interview with Bloomberg TV, Barrack said he was starting a new family office that would work with investors in the UAE, Saudi Arabia and Qatar.
The case is U.S. v. Al Malik Alshahhi, 21-cr-00371, U.S. District Court, Eastern District of New York (Brooklyn).
©2021 Bloomberg L.P.