(CN) – “Penthouse arrest” ended on Thursday for Bernard L. Madoff, who was handcuffed and led to jail after pleading guilty to running a multibillion-dollar Ponzi scheme. U.S. District Judge Denny Chin revoked his bail, saying the fallen financier “has incentive to flee … and thus he presents the risk of flight.”
Before the order, Madoff remained under house arrest in his luxury Manhattan apartment.
He pleaded guilty Thursday to 11 counts of fraud, money laundering, perjury and theft, and faces up to 150 years in prison. Sentencing was scheduled for June 16.