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US court postpones Madoff bail decision

Bernard Madoff - Court decision delayed
Bernard Madoff - Court decision delayed

A US court said today that it was delaying a decision on an appeal by jailed Wall Street fraudster Bernard Madoff to be granted bail.

A panel for the appeals court in New York said it needed time to reflect and that a decision would be announced in due course.

Madoff was taken into custody last week after confessing to 11 counts of fraud, money laundering, perjury and theft. He is to be sentenced on June 16 and faces up to 150 years in prison.

Prosecutors argued that he should not be granted bail because he might try to escape abroad before sentencing.