NEW YORK - BERNARD Madoff's lawyer argued to a federal appeals court on Thursday that the confessed swindler posed no serious risk of flight and should be released from jail ahead of his June sentencing.
A panel of three judges hearing Madoff's bail appeal did not rule immediately on the request to reinstate his house arrest, which US prosecutors opposed.
Judge Richard Wesley of the US Court of Appeals asked defence attorney Ira Lee Sorkin why he should consider releasing a man who 'has the mechanisms of flight at his fingertips' and who had placed virtually all of his assets in his wife's name.
Madoff was arrested on Dec 11 and charged with orchestrating a massive Ponzi scheme that defrauded wealthy investors, charities, banks and other clients attracted by his record of posting amazingly consistent investment returns.
He has admitted those returns were a lie, and that instead of investing client money in stocks or other securities he simply deposited the money in the bank and used it to fund investor withdrawals.
Authorities now say there is very little remaining in client accounts. -- REUTERS
