Cladek chance at freedom short-lived

The more than 1,000 investors who say they were bilked out of $113 million through the business operated by 69 year-old Lydia Cladek of St. Augustine Beach may have had the “last laugh” following an announcement yesterday that her court-appointed custodian has had “second thoughts”.

Cladek, indicted by a federal grand jury for operating an illegal Ponzi scheme with investor’s money — all the while living “high on the hog” from the proceeds, was told by U.S. Magistrate Thomas E. Morris yesterday that she would be released on her own signature — guaranteeing her return to court on February 7th, or the forfeiture of a $5 million appearance bond.

Upon release of the news, phones were ringing, e-mails were blasting and bloggers were raving over the decision — and then, before the day was out, the 73 year-old widow who was to act as Cladek’s custodian called the judge to back out of the deal.

Federal Public Defender Maurice Grant II, Cladek’s court-appointed attorney, is expected to ask the court for appointment of a substitute custodian, however, given the pressure the last custodian claims she was under, that may be easier said than done.

For the mean time, Cladek has been remanded into custody — if and until such time as the terms of the bond conditions established by Judge Morris can be satisfied.