No appeal of sentence for Madoff

NEW YORK, July 9 (UPI) -- The attorney for Bernard Madoff said Thursday the disgraced U.S. financier will not appeal his 150-year prison sentence on fraud charges.

Attorney Ira Lee Sorkin told CNN his client, who pleaded guilty in New York to charges stemming from a Ponzi scheme, has no plans to seek an appeal of his prison sentence since any likely sentence would result in Madoff spending his remaining years in prison.

"We are not going to appeal," Sorkin said.

"Even if the court of appeals sends it back, certainly a guidelines sentence under the circumstances would give him a life sentence," the attorney added.

Following his guilty plea, Madoff was sentenced to 150 years in prison on charges ranging from money laundering to securities fraud.

CNN said investors' losses as a result of the former NASDAQ stock exchange non-executive chairman's scheme are currently estimated to surpass $13 billion.