Madoff set to remain behind bars

Last week, Madoff, 70, pleaded guilty to all 11 charges against him when he appeared in a New York court.

Madoff was then remanded in custody but his lawyers contested the decision and said he should be released on bail.

However, the appeals court said Madoff could flee and should remain in jail until sentencing on June 16.

Madoff faces a sentence of up to 150 years.

Prosecutors are investigating if others were involved in the crime.

On Wednesday, prosecutors charged Madoff’s long-term accountant, David Friehling, with fraud. Mr Friehling was not however accused of knowing or being part of Madoff’s scheme.

Prosecutors are also trying to seize $100m of property and assets, including homes, cars and boats in France, belonging to Madoff and his family.

Madoff has always insisted he acted alone in masterminding the Ponzi scheme, whereby early investors were paid off with the money injected by new clients.