A federal appeals court has ruled that disgraced financier Bernard Madoff must remain in prison until his sentencing.

The 2nd U.S. Circuit Court of Appeals in Manhattan issued its ruling Friday.

The court said Judge Denny Chin was correct in his ruling. The federal judge decided the 70-year-old Madoff should remain behind bars before he is sentenced for defrauding thousands of investors of billions of dollars.

Madoff will be sentenced in June. He faces up to 150 years in prison.