Hedge fund fraudster Robert Sucarato may spend more time behind bars than he bargained for when he pleaded guilty in January, finalternatives reports.
Sucarato’s sentencing for defrauding investors of $1.6 million has been postponed until October—because the New Jersey federal judge overseeing the case is mulling extra time in the pokey for the New York Financial Co. founder. Federal sentencing guidelines call for between six-and-a-half and eight years in prison, but “the court was contemplating sentencing above the advisory guideline range,” the U.S. Attorney’s Office for New Jersey told HedgeFund.net.
As a result, Sucarato’s defense team has been given time to “respond to the court’s contemplation.”
Sucarato was arrested in April, accused of lying to investors about, well, just about everything. Prosecutors said of the $1.7 million NYFC raised, Sucarato stole almost $500,000, lost another $850,000 and used the rest to prop up his Ponzi scheme.
Sucarato was to be sentenced on Wednesday, but will now learn his fate on Oct. 11...
Read more at
http://www.finalternatives.com/node/17803
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