Bail denied for money manager in fraud case

DETROIT (AP) -- A Detroit-area money manager arrested after three months in Italy has been ordered to jail to await trial on fraud-related charges.

U.S. District Court Judge Paul Borman says there's a likelihood that John Bravata would flee the country if granted bail. He was arrested May 5 after returning to the U.S.

Borman said Wednesday he listened to secretly recorded calls between Bravata and a former business partner. The government says the calls show that Bravata believed he would avoid extradition if indicted while in Italy.

Bravata is charged with conspiracy to commit fraud. Authorities say he collected $53 million from investors. He says he invested in real estate and denies any fraud.

Defense attorney Austin Hirschhorn says Bravata wouldn't flee. He returned to the U.S. without knowing he'd been charged.

Published: Fri, Jun 3, 2011