Judge Mulls Sentence After Melvyn Weiss Formally Enters Guilty Plea
Securities class-action king Melvyn Weiss formally entered his guilty plea to racketeering in a Los Angeles courtroom yesterday.
Weiss, 72, told U.S. District Judge John Walter, “I take responsibility for everything,” the Associated Press reports.
Weiss agreed to plead guilty last month to charges that he paid millions of dollars in secret kickbacks to lead plaintiffs. The plea deal calls for a sentence of 18 to 33 months in prison and fines and forfeiture of $10 million.
Walter said he had not yet decided whether to accept the sentence, but he would allow Weiss to withdraw the plea if he thought a longer sentence was merited, the New York Sun reports. Sentencing was set for June 2.
Weiss is the fourth lawyer from Milberg Weiss to plead guilty, Reuters reports. All eyes are now on his former firm, now known as Milberg, which is also charged in the case.
