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Gold Trader Asks To Pay For House Arrest In Iran Sanctions Case

A wealthy gold trader charged with helping Iran evade U.S. sanctions asked a U.S. judge on June 2 to let him hire armed guards so he can stay in New York under house arrest while awaiting trial.

An attorney for Reza Zarrab, 32, said an apartment already has been outfitted for home detention, with video cameras and security alarms to guard against an escape.

He said the Turkish-Iranian businessman was ready to provide $10 million in cash to secure a $50 million bail package, and he even agreed that guards should be authorized to shoot him if he tries to escape.

There is precedent in Manhattan for letting wealthy defendants remain on bail when they pay for security.

Ponzi king Bernard Madoff remained under guard in his apartment for several months after his December 2008 arrest for cheating thousands of investors out of billions of dollars. He is now serving a 150-year prison sentence.

The U.S. government said Zarrab, who was arrested in March, should remain jailed until trial because a makeshift private prison cannot guarantee he won't flee.

Based on reporting by AP and Reuters