Wednesday, 25 November 2015
Last updated 1 hour ago
Jul 29 2010 | 12:00pm ET
Hedge fund fraudster Hamilton Bird has had his all-expenses-paid stay at the Kit Carson Correctional Center extended by four years.
Bird, who two years ago pleaded guilty to ripping investors in his XL Capital Partners hedge fund off to the tune of $12 million, earning him a sentence of 24 years in prison, has pleaded guilty once again to defrauding 14 more investors to finance his defense. A Colorado judge sentenced him to four years for that $690,000 scam, to be served when he completes his first sentence.
The Colorado Attorney General dismissed six other counts against Bird in exchange for his guilty plea on the one count of securities fraud. Each of the seven counts was worth up to 12 years in prison.
“It astounds me that this individual would take money from investors knowing that he had already pled guilty to fraud,” Colorado Securities Commissioner Fred Joseph said. “The only thing that could stop him is put him in jail, which is where he is now and will be for quite a while.”
Bird was indicted in March for launching the second scam, called EquityFX, in January 2006, five months before his indictment in the XL case. While promising investors a currency trading strategy, he actually spent more than $250,000 to pay his lawyer in the XL case, and spent some of the rest on furniture and cars.
As part of his guilty plea, Bird has agreed to repay $555,635 to his latest victims.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…