Appeals Court Denies Bail for Madoff, Cites Chance of Hidden Assets

Acting just one day after oral arguments, a federal appeals court has denied bail for Bernard Madoff, who is awaiting sentencing for operating a $65 billion Ponzi scheme.

The 2nd U.S. Circuit Court of Appeals affirmed the trial judge's decision to keep Madoff, 70, in jail on the ground that he posed a flight risk, the Associated Press reports. Madoff faces a sentence of up to 150 years in prison when he is sentenced on June 16. He pleaded guilty last week.

“The defendant’s age and his exposure to imprisonment are undisputed, and the court did not err in inferring an incentive to flee from these facts,” the court said. Madoff has “had ample opportunity over a long period of time to secret substantial resources outside the country” and the trial judge was not required to treat as reliable Madoff’s representations that he has no access to money, the court said.