UPDATE: Sentencing For Legisi HYIP Operator Gregory McKnight Postponed Again Pending Depositions; Now Set For May 7
Gregory McKnight. From PDF of federal court file.
Sentencing for Gregory N. McKnight, the operator of the Legisi HYIP Ponzi scheme, has been postponed until May 7. McKnight had been scheduled to be sentenced today. The postponement marks at least the fourth in the case.
McKnight pleaded guilty to wire fraud a year ago this month. The docket of the case in federal court in the Eastern District of Michigan notes that today’s sentencing was postponed because McKnight is participating in depositions. Although federal prosecutors have asked for a 15-year sentence for McKnight, filings suggest that McKnight hopes to earn a sentencing reduction for assisting the court-appointed receiver in the case recover money for victims of the $72 million fraud.
On Jan. 31, U.S. District Judge Mark A. Goldsmith denied a motion by McKnight to be removed from a tether. Although details were not immediately clear, tethering is a form of electronic monitoring.
Legisi was promoted on Ponzi scheme forums such as TalkGold and MoneyMakerGroup. The SEC charged McKnight and Legisi in May 2008. A criminal charge followed.
The U.S. Secret Service and state authorities in Michigan also were involved in the Legisi probe.
Can the electronic monitoring be around his neck? Possibly with a chain attached to it? That would be great…