Amazing grace by Danielle Steel

Author:Danielle Steel [Danielle Steel]
Language: eng
Format: epub
Tags: Roman
ISBN: 9780440243274
Published: 2008-09-30T07:14:55+00:00

Chapter 12

For the next ten days, Seth's life continued to unravel. His case was presented to the grand jury by the federal prosecutor, and they granted the indictment. Two days later federal agents came to arrest him. He was informed of his rights, taken to the federal courthouse, photographed, formally charged, and booked. He spent the night in jail, until bail was set by a judge the next morning.

The funds he had fraudulently deposited in the bank were returned to New York, by a court order, to cover Sully's investors. So Sully's investors had suffered no loss, but Seth's had been shown books that looked sixty million dollars fatter than they really were. And they had invested in his hedge fund accordingly, as a result of Seth's fraudulent representations to them. The nature and severity of Seth's crime caused the judge to set his bail at ten million dollars. He had to pay one million to the bail bondsman to be released on bail. That wiped out all the cash they had on hand. He was assessed as not being a flight risk, and he was eligible for bail because there had been no loss of life or physical violence involved. What he had done had been far subtler than that. They had no choice except to put their house up as bail. It was worth about fifteen million, and the night he got out of jail, he told Sarah they had to sell the house. The bail bondsman could keep ten million of it as collateral, and the other five he needed to pay his attorneys. Henry had already told him that their fee would probably be in the vicinity of three million dollars through trial. It was a complicated case. He told Sarah they had to sell the house in Tahoe too. They needed to sell as much as they could. The only good news was that they owned the house on Divisadero free and clear. There was a mortgage on Tahoe that was going to eat into their profit, but they could use the difference for his defense and related expenses.

“I'll sell my jewelry too,” she said, looking wooden. She didn't care about the jewelry, but was crushed to lose their home.

“We can rent an apartment.” He had already given up his plane. It wasn't fully paid for yet, and he had taken a loss. His hedge fund was closed. There would be no income coming in, but a lot of money going out to defend him. His sixty-million-dollar caper was liable to cost them everything they had. In addition to whatever prison sentence they gave him, if he was convicted, there would be staggering fines. And then lawsuits from his investors would wipe him out. They were becoming paupers overnight.

“I'll get my own apartment,” Sarah said quietly. She had made the decision the night before, when he was in jail. And Maggie had been right. She didn't know what else she was going to do, but it had become clear to Sarah that she didn't want to live with him right now.

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