Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Madoff case delayed another 30 days

Deadline to indict or hold probable cause hearing pushed back; investor arrested, charged with securities fraud in Dec.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Allan Chernoff, CNN senior correspondent

How effective do you think the Geithner plan to spur lending will be?
  • It's enough to do the job
  • It's a start, but more aid will be needed
  • It won't work

NEW YORK (CNN) -- Federal prosecutors and the defense for alleged fraud mastermind Bernard Madoff have agreed to push back the deadline for an indictment or probable cause hearing for the former investor, sources close to the case said Wednesday.

The previous deadline of February 11 has now been moved back another 30 days. That date - which was itself a delay - was agreed upon by both sides last month.

Madoff was arrested in December and charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison, but he has yet to be formally indicted. By law, defendants are either indicted within 30 days of their arrest or receive a probable cause hearing. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The stock market's wild week in 6 pictures It was the wildest week in stocks in recent memory. Here's photos and CNNMoney's tweets of reactions to the panicked selling on Monday and Tuesday, which gave way to a mad buying scramble on Wednesday and Thursday. And then...a selloff on Friday again. More
How New Orleans is learning to live with water After Hurricane Katrina, the city of New Orleans had to reinvent the way it manages water and protects itself from future storms. More
Your degree will earn you the most from these colleges Art majors can make big bucks, too. Find out which school has the highest paid grads in your major. More
Sponsors