Lawyers Representing Bernard Madoff Appeal Judge’s Decision to Revoke Bail

Lawyers representing fallen financier Bernard Madoff have filed papers with a federal appeals court in an attempt to reverse a judge’s decision to revoke his $10 million bail and place him directly in jail.

Madoff appeared in court on Thursday and pled guilty to all 11 counts related to a $50 billion Ponzi scheme that ruined the finances of individuals and organizations alike. Shortly after entering his guilty plea the judge revoked bail for the 70-year-old and he was placed in police custody.

According to the papers filed Madoff’s lawyers argued that their client was not a flight risk and posed no danger to the community.

An appeals court has set a March 19 date to hear the case.

As it stands Madoff will remain in jail until his sentencing date which is set for June. He is facing a sentence of up to 150 years in prison.

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