Rezko freed from jail -- but not free to go
$8.5 MILLION BAIL | Indicted former fund-raiser to Sen. Obama, Gov. Blagojevich out after almost 3 months behind bars, remains under house arrest during trial
After more than 2½ months behind bars, a beaming Tony Rezko walked out of a downtown courthouse and into the fresh air Friday.
The onetime top fund-raiser to Gov. Blagojevich and U.S. Sen. Barack Obama was released on $8.5 million bail, tied to properties posted by 30 people to ensure he won't flee.
(Sun-Times files)
As added guarantees, Rezko, 52, will remain under house arrest at his Wilmette mansion and under electronic monitoring as his trial on corruption charges continues.
Rezko hurried into the arms of a family member with whom he shared a giant hug before hopping into a black Cadillac Escalade and leaving without comment.
Rezko's lawyer, Joseph Duffy, said of the bail ruling: "There isn't anything more precious than freedom."
It was a drastic change of scenery for Rezko, who had been held in solitary confinement since Jan. 28 at the downtown Metropolitan Correctional Center, where he had only limited contact with his family.
Rezko is accused of using his influence with Blagojevich's administration to trade government posts and contracts for kickbacks.
Explaining her decision to free him, U.S. District Judge Amy St. Eve told Rezko, "My decision is based, in part, on the significant number of individuals from the community [posting their home], knowing full well that they will lose it if you fail to come to court and comply with conditions of the bond." She told Rezko that, if he were to flee, "You will leave me no choice than to foreclose on these 30 individuals and take what is, in some instances, their entire life savings."
Family and friends pledged more than $8 million in property equity to ensure Rezko doesn't skip town -- $6 million more than what was pledged in 2006, when Rezko's original bail was set. In addition, Rezko's wife, Rita, put up another $380,000 in cash. Rita Rezko and Tony Rezko told St. Eve they have no other assets than what they've already disclosed.
The judge had ordered Rezko jailed in late January, after he failed to disclose a $3.8 million wire transfer he got from Lebanon. That money originated with Iraq-born billionaire Nahdmi Auchi, who bought Rezko's interest in a 62-acre South Loop parcel.
It appears Rezko's lawyers explained under oath -- apparently in St. Eve's chambers -- that much of the money went to Rezko's lawyers for his trial and some to creditors.
Rita Rezko told the judge the mortgage on the couple's Wilmette home had not been paid since 2006. But she said she used $12,000 of $150,000 from the sale of the South Loop property to buy a smaller Lexus: "I downsized," she said. The couple's two sons split $40,000 for tuition, and their daughter also got some money.
St. Eve said she spoke with a lawyer for Auchi's General Mediterranean Holding, who said Rezko no longer has an interest in the 62 acres.
Prosecutors opposed Rezko's release, saying it's not a matter of whether Rezko would flee but when.
But the judge, noting the two courtroom benches packed with family and friends every day, told Rezko, "That point, frankly, has an impact on me because it reinforces your ties to the community, which strengthens your likelihood of coming to court."
St. Eve said Rezko can leave home only with her permission. He's allowed to leave at 7 each morning for court. His lawyer must go to Wilmette for face-to-face conversations but now has unlimited phone access.
Rezko already turned in his passports, but Rita Rezko also was ordered to turn hers over.