An appeal by Ponzi schemer Bernie Madoff to be released from jail before his sentencing in June was denied this morning. The 2nd U.S. Circuit Court of Appeals in New York City found that "U.S. District Judge Denny Chin did not clearly err when he sent Madoff to prison last week immediately after Madoff confessed that he had defrauded thousands of investors of billions of dollars for at least two decades," the Associated Press reports. Though Madoff pleaded guilty to charges including securities fraud and perjury last week, the 70-year-old and his lawyers hoped he would not be put in jail until his sentencing. The former investment mogul faces up to 150 years in prison.