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Business Briefing / Courts

Madoff's bid for bail denied again

March 21, 2009|TIMES WIRE REPORTS

Disgraced financier Bernard L. Madoff will remain in prison until he is sentenced in one of the largest financial frauds in history.

The U.S. 2nd Circuit Court of Appeals backed a lower-court ruling after hearing arguments from a lawyer for the 70-year-old former Nasdaq chairman who sought his release from jail. The government argued against freeing him.

Madoff was sent to prison last week immediately after confessing that he had defrauded thousands of investors of billions of dollars. U.S. District Judge Denny Chin said Madoff's age and the possibility that he would spend the rest of his life in prison heightened the temptation for him to try to flee the country.

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