Judiciary Report - Madoff Denied Bail

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Madoff Denied Bail

March 20. 2009

Bernard Madoff

Incarcerated ponzi scheme king, Bernard Madoff, was denied bail today, which means he will have to remain in his tiny prison cell.

Bernard Madoff

You can get claustrophobia just looking at it. However, it is deserved, as he has financially harmed and emotionally scarred many.

Madoff bail appeal denied

Fri Mar 20, 2009 12:00pm EDT - NEW YORK (Reuters) - Bernard Madoff lost his bid on Friday to be released from jail until his June sentencing for Wall Street's largest ever investment fraud.

The accused swindler had challenged a judge's decision to immediately jail him after his dramatic guilty plea last week, but a federal appeals court denied his request for release.

A three-judge panel of the court said in a written decision that there was sufficient argument that Madoff, 70, was a flight risk, given his age and the possibility that he could be sent to prison for the rest of his life at sentencing. He faces up to 150 years -- effectively a life sentence...

http://www.reuters.com

Madoff's Accountant Faces A Long Count

03.18.09, 03:45 PM EDT - Friehling could get a century in the slammer for his part in the Ponzi scheme.

Bernie Madoff may have some company as he spends up to a century-and-a-half in prison after swindling investors out of the better part of $65.0 billion in a long-running Ponzi scheme.

On Wednesday, the U.S. Securities and Exchange Comission charged Madoff’s 49-year old accountant, David G. Friehling, with securities fraud, aiding and abetting investment adviser fraud, and four counts of filing false audit reports for representing that he had conducted legitimate audits when he had not. He faces up to 105 years in prison if convicted...

http://www.forbes.com