Siegel Sentencing Date Rescheduled to July 9
Jun. 09, 1987
NEW YORK (AP) _ Martin A. Siegel, a key cooperative witness in the government's probe into Wall Street corruption, will be sentenced July 9 on charges of illegal stock trading and tax evasion, U.S. attorney's office spokeswoman Deborah Corley said Tuesday.
Siegel, a former mergers specialist in the investment firms of Drexel Burnham Lambert Inc. and Kidder Peabody & Co., had been scheduled for sentencing this Thursday before U.S. District Judge Robert J. Ward.
The sentencing was delayed by mutual agreement between Siegel and the government, Ms. Corley said. She would not elaborate, but lawyers familiar with the matter said such delays are common for people who are expected to testify.
Siegel is facing a maximum sentence of 10 years in prison and $260,000 in fines for his guilty plea to two felony counts. He is cooperating with federal investigators and could be an important witness in any prosecutions arising from the scandal that erupted more than a year ago.
The 39-year-old investment banker resigned Feb. 13 as a managing director of Drexel Burnham Lambert and pleaded guilty to the charges, which stemmed from activities at his earlier employer, Kidder Peabody.
Siegel also relinquished $9 million in cash and securities to settle charges by the Securities and Exchange Commission that while working for Kidder he leaked confidential information about corporate takeovers to Ivan F. Boesky, a well-known stock speculator who also has pleaded guilty to a criminal charge.