Madoff case delayed another 30 days
Deadline to indict or hold probable cause hearing pushed back; investor arrested, charged with securities fraud in Dec.
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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.