New York - Financier Bernard Madoff will have to sit in jail while waiting for his sentencing after pleading guilty to a massive scam that bilked billions of dollars from thousands of investors, US media reported.

An appellate court in New York upheld a judge's previous ruling that Madoff should not be released pending his June 16 sentencing because he has the financial means to flee, MSNBC reported.

Madoff, 70, could be sentenced to 150 years in prison for one of the largest Wall Street swindles ever. Madoff tricked clients by paying them off with money from new clients rather than investing the funds in securities as he had promised.

He pleaded guilty last week to running the 50-billion-dollar Ponzi scheme. (dpa)