A California federal judge has delayed the sentencing of Philip Horn, a Wells Fargo broker who pleaded guilty to defrauding more than a dozen clients, the New York Times DealBook blog reported yesterday. Judge Gary A. Fees on Monday postponed Horn's sentencing to March 4 to give the various parties more time to determine how much money was pilfered from customer accounts, according to lawyers representing the broker's clients. Horn was a broker for Wells Fargo in Los Angeles. For more than two years, he executed and canceled trades in clients' portfolios, pocketing the profits. Wells Fargo said that it uncovered the fraud in the fall of 2011. Horn, who last year pleaded guilty to two counts of wire fraud, was supposed to be sentenced on January 7.
