Madoff must stay in prison, U.S. appeals court rules

[Hepburn]

New York: A U.S. federal appeals court has denied a request by a lawyer for Bernard L. Madoff that he be released from jail until his sentencing in June for running a $65 billion fraud scheme.

The three-judge panel issued its ruling Friday, less than 24 hours after Ira Lee Sorkin, Mr. Madoff's lawyer, had asked that Mr. Madoff be allowed to return to his penthouse apartment in New York City. He is being held in a Metropolitan Correctional Center in New York after pleading guilty last week to 11 felony counts of fraud. He faces a maximum of 150 years in prison when he is sentenced June 16.

The appeals court order upholds an earlier Federal District Court decision that Mr. Madoff represented a flight risk and should not be released on bail. Mr. Madoff had been held on $10 million bail since his arrest Dec. 11, confined to his apartment building and protected by security guards, paid for by his wife. He was also required to wear an ankle bracelet and could leave his apartment only for court appearances.

"In light of the defendant's age (70) and the length of a potential sentence (150 years), he has an incentive to flee, and that because he has the means to do so, he presents a risk of flight, and therefore should not be released," the appeals court order said. It was issued by Chief Judge Dennis Jacobs and Judges Robert D. Sack and Richard C. Wesley of the United States Court of Appeals for the Second Circuit.

http://www.iht.com/articles/2009/03/21/business/fraud.php

:applause: <--------'nuff said!

[Turbineguy]

1. Now ain't that too fuckin bad.

My heart bleeds.

[LakeSamish706]

3. Yep, mine as well.... If you do the crime, be prepared to do the time....n/t

[malaise]

2. I'm betting it's a life changing experience

Wish there was video of his new life - fucking criminal.

[LakeSamish706]

5. A little smaller than he is used to, that for sure... n/t

[Hepburn]

6. One comment I heard was that the cell he is in...

...is smaller than the walk-in closet in his NY townhouse.

Karma is a bitch....!!!

[LakeSamish706]

11. Wouldn't that just blow your mind, to go from a luxurious Appt. to an 8X10 room?

He must be getting claustrophobic in there.. ugh..

[Hepburn]

16. We can ONLY hope!

I read awhile back that he was wanting to cut a deal ~~ and this is while the appeal was pending to let him out on bail pending sentencing.

I am betting he may want to talk real soon. Hopefully some of those he stole from can get back some of their money.

[customerserviceguy]

19. Hey, even an 8 x 10 room in Manhattan

would rent for about a thousand dollars! Are we charging Bernie for that?

[bklyncowgirl]

13. Poor baby. nt

[mod mom]

4. Good, we don't want to chance a "suicide". He may not have realized what his life

was going to be like.

[PetrusMonsFormicarum]

7. "WHAT? No bidet?"

7 x 8-foot cell, Bernie Madoff-style.

[FreakinDJ]

8. He'll only come out in a pine box

150 years

[Hepburn]

9. If he gets a long haul, he probably has -0- chance at a "nice" Feddie facility.

Those are for short timers. Madoff will do hard time if it is a lengthy sentence.

At least this is what I have seen in the past.

JMHO

[opihimoimoi]

10. He waited too long to flee....thought he could beat the system somehow...now..its too late

this is too funny....reminds me of the auto dealer in FARGO

[soothsayer]

15. Yeah, except didn't he turn HIMSELF in? That's what I don't get, unless

he thought at least the feds would protect him from the angry global mobs

[LakeSamish706]

17. With that kind of money I have no idea why the guy wouldn't have fled...

I know I sure as hell would have..... Crap I buy a country with that money....

[customerserviceguy]

20. There's only one explanation that I can come up with

He wanted his wife and family to be able to keep the ill-gotten gains he stole for them. He wanted to be the fall guy for the whole scheme. That's why he had his sons turn him in, he wanted them to look like the good guys.

Meanwhile, wife Ruth has filed for a homestead on the Florida house, that state's law lets you declare an untouchable home of any value. The courts will have a tough time taking EVERYTHING that she's squirrelled away, we know that she withdrew millions from their accounts right before Bernie got busted. It could be stashed away as cash with all kinds of friends who will keep her afloat.

The only solution is to get her and the rest of the family involved in a conspiracy trial, and lock their asses up for the rest of their lives. Otherwise, Bernie wins.

[Demeter]

12. Damn Straight!

I'm learning New Joisy. How's my accent?

[Tommy_J]

14. Thank God

If he got bail I would be so F#!*ing pissed it would spike my blood pressure

[LakeSamish706]

18. You and all of the people who lost money to this POS.... n/t

[Jkid]

21. Sentencing on June 16?

Why not sentence him the day after he was denied bail? I would order full restitution for his crimes and order him not to go into employment related to finance EVER.

Why sentence him in prison?