JURIST - Paper Chase: Second Circuit affirms order denying Madoff bail

[JURIST] The US Court of Appeals for the Second Circuit [official website] ruled [summary order, PDF] Friday that Bernard Madoff [JURIST news archive] must remain in jail as he awaits sentencing. The ruling affirms last week's ruling by the US District Court for the Southern District of New York [official website] denying Madoff bail. The appeals court found:

our review of the record confirms that the district court’s findings were sufficient under the circumstances of this case. 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. Moreover, the district court’s finding that the defendant has the means - and therefore the ability - to flee was not clear error.

Prosecutors are seeking a 150-year sentence. A sentencing hearing is scheduled for June 16.

Last week, Madoff pleaded guilty [JURIST report] in federal court to all 11 charges of securities fraud [complaint, PDF; JURIST report]. In February, Madoff consented [JURIST report] to a partial judgment [SEC press release] with the US Securities and Exchange Commission (SEC) [official website] over civil charges brought by the SEC to obtain a preliminary injunction and asset freeze against him.