Wilkes: Broke and BustedAfter a steady string of legal defeats, including conviction on all counts for bribing Duke Cunningham, Wilkes finally caught a break last month when an appeals court ruled that he could be released on bail pending his appeal of the case. Wilkes had been sent immediately to prison after his conviction because the judge simply thought Wilkes was such a crook and liar that he’d be sure to skip bail.
But it seems that Wilkes, once flush with multi-million dollar defense contracts, won’t be able to seize his second chance:
A federal judge said Friday that [Wilkes] hasn’t raised enough money to get out of jail while he appeals his case.Wilkes sighed as U.S. District Judge Larry Alan Burns said roughly $400,000 in retirement accounts pledged by family members couldn’t be used as part of his bail….
Burns said he wants to be sure the government can collect on Wilkes’ bail if necessary. He said he doesn’t trust that a “stubborn” Wilkes will be able to stick to bail conditions “if it’s not consistent with his agenda.”
It appears that Wilkes is yet another victim of the burst housing bubble: real estate pledged by himself and his family as collateral for bail was sufficient to get him free in February of 2007 when he was indicted, but dropping property values have left him well short of the needed $1.4 million.