Medaloni sentencing postponed to March

The sentencing of one-time Greensboro nightlife king Joey Medaloni has been postponed to March 22.

Medaloni pleaded guilty to federal loan fraud in December 2010. The defendant admitted to falsifying income statements to qualify for a bank loan. The government acknowledged that Medaloni repaid the loan in its entirety.

The defendant could face up to 30 years in prison and a maximum fine of $1 million, according to the plea agreement. The maximum fine is greater than the amount of fraudulent loan.

The sentencing had been scheduled for today in federal court in Greensboro. This is the fifth time the sentencing has been postponed. The last two postponements have come on the heels of sealed orders filed by the court in response to sealed motions. It’s not clear whether the sealed motions were filed by the defendant or the government.

Back story on Medaloni.

Medaloni is a friend and business associate of Greg Harrison, a staffing executive convicted in December of 63 counts of obstructing the Internal Revenue Service, failing to pay payroll taxes and failing to pay individual income taxes. Harrison awaits sentencing in April.

Prosecutor Frank Chut is handling both Medaloni and Harrison's cases.

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