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| Madoff loses bail appeal |
| Press Trust of India / New York Mar 21, 2009, 14:20 IST |
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A US federal appeals court has rejected the plea of Bernard L Madoff, accused of defrauding investors of $65 billion in a Ponzi scheme, for release on bail calling him a flight risk.
The three-judge ruling came after Madoff's lawyers asked that the 70-year old, now under detention, be allowed to return to his posh Manhattan apartment until his sentencing due on June 16.
The ruling came even as investigators were widening the inquiry to find out if others, including wife and sons, were involved in the scheme and how much knowledge they had about it.
The appeals court, which upheld the decision of Federal District Court, said in the light of age and length of potential sentence, Madoff has the incentive to flee. "He represents a flight risk and therefore should not be released," the court held.
Madoff, who has pleaded guilty to all 11 felony charges, could get up 150 years in prison. Prior to pleading guilty he was allowed to stay in his Manhattan penthouse on a $10 million bail but after he pleaded guilty the judge sent him to the Metropolitan Correctional Center.
The appeals rejected the defense argument that he could not flee as all his financial assets were frozen and contended the risk of his flight was greater after he pleaded guilty.
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