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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.