Court May Tell Madoff to Go Directly to Jail

Judge doesn't revoke bail

(AP) - A New York judge ruled today that Bernard Madoff may remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail. Madoff mailed more than $1 million in jewelry and heirlooms to family and friends over the holidays. Prosecutors said the gifts were grounds to have his bail revoked because what's left of Madoff's assets will have to be returned to burned investors. More»

Fraudster will wait in jail until June sentencing

(NEWSER) - A federal appeals court today denied Bernard Madoff’s request to be released on bail until his June sentencing date, the New York Daily News reports. “The defendant’s age and exposure to imprisonment are undisputed, and the court did not err in inferring an incentive to flee from these facts,” the three-judge panel said in confirming that the 70-year-old Madoff, facing a 150-year sentence, was a flight risk. More»

(NEWSER) - Bernard Madoff pleaded guilty this morning to all 11 felony charges against him, saying he was "sorry and ashamed" for his criminal acts. The judge accepted the plea and revoked Madoff's bail, bringing cheers from spectators in the courtroom. Madoff was escorted out in handcuffs and will remain in custody until his sentencing on June 16. He faces a maximum prison term of 150 years. More»

Lawyers indicate that a plea deal is pending

(AP) - Prosecutors filed court papers today indicating Bernard Madoff may be ready to plead guilty to charges arising from one of the biggest financial frauds in history. Madoff, 70, is scheduled for court twice next week, including a Tuesday appearance to waive any potential conflicts of interest involving his lawyer and a Thursday arraignment. A defendant must enter a plea—guilty or not guilty—at an arraignment. More»

Bernie 'sick' of house arrest in $7M Park Ave. apartment: source

(NEWSER) - Investigators are going over millions of documents found in a Queens warehouse that may shed light on Bernard Madoff’s alleged Ponzi scheme, the New York Daily News reports. The warehouse was used to store records from Madoff Investment Securities, spanning the firm’s decades-long history. More»