Madoff Denied Bail in Ponzi Scheme Case
- March 20, 2009
- by Collateral Staff
Bernie Madoff has been denied bail until his sentencing for pleading guilty to securities fraud, perjury, and other charges after defrauding thousands of investors out of billions of dollars, in many cases life savings. While Madoff was out of jail on $10 million bail with the condition of being under house arrest before his plea, Judge Denny Chin decided that Madoff's age (he is 70), his considerable assets, and the possibility of up to 150 years in prison heightened Madoff's flight risk.
The New York Times writes that
The appeals court noted in its decision that a defendant who has been convicted no longer has the same constitutional right to bail that exists when there is a presumption of innocence.
A conviction puts the burden on a defendant to show by clear and convincing evidence that he will not flee or pose a danger to the safety of others or the community.
