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Greenwood, who was arrested in 2009 for securities fraud, pleaded guilty in 2010 and has since cooperated with the government and testified against his former business partner, Stephen Walsh, who was sentenced to 20 years in prison last month, LoHud.com reported.
Greenwood and his legal counsel pointed to his cooperation and his willingness to liquify his assets in order to repay victims as reasons why he should be granted clemency. Federal guidelines, however, call for Greenwood to serve 85 years in prison and the probation office recommends 30 years, LoHud.com said.
Greenwood is scheduled to be sentenced on Wednesday, Dec. 3, LoHud.com said.
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