Appeals Court Rules Madoff to Stay in Jail Pending Sentencing


Bernard Madoff was remanded in jail on March 11 after pleading guilty to 11 criminal charges until sentencing scheduled for June 16, 2009. He appealed the decision, only to be turned down by the 2nd U.S. Circuit Court of Appeals today.

Judge Denny Chin said because of Madoff faces life in prison and because of his age, he might try to flee. Judge Chin went on to say, “Moreover, the district court’s finding that the defendant has the means – and therefore the ability [to flee]… [Madoff has] ample opportunity over a long period of time to secret substantial resources outside the country.” to flee.

The legal team representing Madoff says they are disappointed and respectfully disagree with the ruling.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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  • Dean

    good, he woulda prob took off…….

  • SWG credits

    It is a dangerous action.How can he do that?

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