Madoff Attorneys Appeal Revocation of Bail

A day after he was jailed pending sentencing for running the largest Ponzi scheme in Wall Street history, attorneys for disgraced money manager Bernard Madoff returned to court to appeal the revocation of his bail.

Madoff, 70, pleaded guilty to 11 felony counts and admitted he ran a fraudulent investment program that swindled at least $50 billion from thousands of investors since the early 1990s. Madoff was arrested in December 2008 and charged with the crimes, but he was allowed to remain free until this week on house arrest inside his $7 million Manhattan penthouse apartment. The fact that Madoff was living in luxury while accused of ripping off clients who lost millions angered many of his former investors, who applauded and cheered as Madoff was sent to jail.

After accepting Madoff’s guilty plea to the charges, U.S. District Court Judge Denny Chin revoked Madoff’s $10 million bail and ordered him held in custody pending sentencing, set for June 16. Madoff reportedly is being held in the Metropolitan Correctional Center, next door to the Manhattan federal courthouse where his case is being heard.

When he is formally sentenced in June to up to 150 years in prison, Madoff would be transferred to an undisclosed federal lock up to serve out his sentence.

Details of the appeal are still emerging, but Madoff’s attorneys filed their request to reverse the judge’s order to have him jailed in the U.S. Court of Appeals for the Second Circuit in New York.

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