NEW YORK — The sentencing of Paul Polishan, the former Leslie Fay chief financial officer convicted on July 5 of orchestrating an elaborate financial fraud, has been delayed in order for the probation department to complete its presentence report on the case.
No date for sentencing has been scheduled, although U.S. District Judge Thomas I. Vanaskie stated that sentencing would not take place before Dec. 18.
Sentencing had been tentatively set for this week.
Vanaskie, who presided over the juryless trial, found Polishan guilty July 5 of 18 of the 21 counts against him, including the most substantial count of bank fraud, which alone carries a maximum sentence of 30 years. The fraud was the catalyst that in April 1993 forced Leslie Fay into a five-year stint in Chapter 11 bankruptcy.
One of the most chronicled “cooking the books” cases involving the apparel industry, the U.S. government’s case against Polishan lasted 36 days over the course of four months, drawing dozens of former Leslie Fay employees to testify for and against him.