Judge to Madoff: Stay in jail!

The U.S. Court of Appeals in New York ruled today that Bernard Madoff must stay in jail while he awaits sentencing for his role in a Ponzi scheme that defrauded thousands of investors. Dennis Jacobs, Richard Wesley, and Robert Sack, the three appellate judges who heard the case, upheld Judge Denny Chin's decision to revoke Madoff's bail.

Madoff's lawyer, Ira Sorkin, sought to have him released until the June 16 sentencing, noting that similar high-profile, white collar defendants in the Enron, Adelphia, and WorldCom scandals were allowed to remain at liberty until their sentencing.