New Jersey Judge Delays Sentencing for Former Healthcare CEO in Securities Fraud Case
America ı By Rochdi Rais
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A New Jersey federal judge granted a one-month delay in the sentencing of Marc Schessel, the former CEO of SCWorx Corp., who was convicted of securities fraud in connection with his promotion of a failed $670 million COVID-19 test kit contract. U.S. District Judge Esther Salas approved Schessel's request on Friday, pushing his sentencing from January 24 to February 24, 2025. Schessel requested the delay to assist in the care of ailing family members, including his brother-in-law and aunt. Their specific medical conditions were redacted in the publicly filed version of his letter requesting the postponement. The government consented to Schessel's request.
Schessel, who had been fighting to reverse his securities fraud conviction, was convicted in July following his second trial on the charges. His first trial, held in 2023, ended in a mistrial due to a hung jury. The government accused Schessel of securities fraud after he hyped up SCWorx's continuing performance contract for COVID-19 test kits, a contract that ultimately fell through when concerns arose about the kits SCWorx had planned to purchase from Australia. The kits were found to potentially be undeliverable in the United States.
The government contended that Schessel was aware of these concerns before he began promoting the $670 million deal, which led investors to pump up his company's stock. The deal later collapsed, and the government alleged that Schessel's actions misled investors. However, Schessel has maintained that he was legally required to disclose the contract and insisted there was no fraudulent activity on his part.
The government’s legal team includes George Brandley and Angelica Sinopole of the U.S. Attorney’s Office for the District of New Jersey, along with Glenn S. Leon, Robert Spencer Ryan, and Lucy B. Jennings from the U.S. Department of Justice. Schessel’s defense is being handled by James M. Roberts, Douglas E. Grover, and Angela Li of Schlam Stone & Dolan LLP.
The case is titled U.S. v. Schessel, case number 2:22-cr-00374, and is being heard in the U.S. District Court for the District of New Jersey.
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