Madoff Sentencing Postponed To June 29

May 15 2009 | 11:47am ET

Bernard Madoff will have to wait another two week to officially find out that he will spend the rest of his life behind bars.

U.S. District Judge Denny Chin postponed the convicted hedge fund fraudster’s sentencing to June 29. Madoff, who pleaded guilty in March to all of the charges against him stemming from the $65 billion Ponzi scheme he masterminded, was to be sentenced on June 16. The 71-year-old, who has been jailed since his plea, faces up to 150 years in prison, and had reached no plea bargain with prosecutors.

Chin gave no reason for the delay, although Madoff’s lawyer, Ira Sorkin, told Bloomberg News the postponement was due to “logistics.”

Chin covered some of the logistics of the hearing in his three-page order. He set out the procedure under which victims of the Madoff’s fraud will be permitted to address the court, although he warned, “Due to the number of victims in the case, the court cannot guarantee that every victim who wishes to speak at sentencing will have the opportunity to do so.” Instead, all victims are invited to submit letters or e-mails which will be made public; those wishing to address the court must send an explanation of why they wish to do so to prosecutors by June 10.

The judge also said the court is making preparations for a big crowd: The sentencing will be held in the U.S. District Courthouse’s Ceremonial Courtroom, instead of Chin’s own, cozier digs, and there will be two overflow viewing rooms with a video feed of the proceedings.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.