U.S. appeals court on Friday denied Bernard Madoff's bid to be released from jail white he awaits sentencing for the biggest ever Wall Street investment fraud.

 

A three-judge panel said Madoff, who faces the possibility of life in prison for his crimes, could be considered a flight risk and should remain in custody pending his June 16 sentencing.

The court upheld the decision of a lower court judge, who last week ordered Madoff to jail immediately after the disgraced money manager pleaded guilty to a massive investment fraud that prosecutors say defrauded clients of as much as $65 billion over 20 years.

"In sum, the district court did not clearly err in its assessment that the defendant has failed to show by clear and convincing evidence that he is not likely to flee," the U.S. Court of Appeals for the Second Circuit said in a written ruling.

"The order of the district court is affirmed."

Madoff's lawyer had asked a federal appeals court to let his client stay out of prison until sentencing.

Lawyer Ira Sorkin spoke Thursday to a three-judge panel of the 2nd U.S. Circuit Court of Appeals. He said a judge made a legal error when he ordered Madoff jailed last week.

The 70-year-old Madoff was imprisoned after he pleaded guilty to securities fraud and other charges.

He admitted he had cheated investors for at least two decades of billions of dollars. Prosecutors say Madoff should remain in prison because he is a higher risk to flee after pleading guilty.

Madoff faces up to 150 years in prison when he is sentenced in June.

Courtesy of CNBC.com