Restitution delayed
NEW YORK (AP)—Financier Bernard Madoff will not be ordered to pay restitution at his sentencing, a judge said Wednesday, citing the complexity of the multibillion-dollar fraud.
U. S. District Judge Denny Chin said in an order that the sentencing will proceed as scheduled on Monday.
But he granted a request by prosecutors to delay for three months deciding whether to order restitution or to order victim compensation through forfeiture laws and related regulations.
The restitution order is a routine part of sentencing proceedings in fraud cases, but the process of liquidating Madoff’s assets and distributing proceeds to his investors is well under way since Madoff and his wife agreed to give up most of their assets shortly after his arrest.
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