Thursday, 28 July 2016
Last updated 38 min ago
Jun 27 2013 | 10:01am ET
There's not much question as to how long hedge fund fraudster Yusaf Jawed will spend in prison, but his victims will have to wait a little longer to see him formally sentenced.
The Grifphon Asset Management scammer was to be sentenced on Monday. But the hearing has been delayed, to Sept. 9. The motion for the postponement was unopposed.
Jawed pleaded guilty to 17 counts of mail and wire fraud in April. His plea deal calls for a six-and-a-half year prison sentence.
According to prosecutors, Jawed ran a Ponzi scheme at his Oregon hedge fund for a decade. The Securities and Exchange Commission, which in September sued Jawed and his former business partners, alleges that the former defrauded more than 100 investors of $37 million, making both Ponzi-type payments to earlier investors and using investor money to pay personal expenses.