Church Hedge Fund Fraudster Gets Five Years

Aug 4 2010 | 2:53am ET

Isaac Ovid, who served as both a leader of his Queens, N.Y., church and as CEO of a Long Island hedge fund, was sentenced to five years in prison on Friday for defrauding investors of more than $12 million.

Ovid pleaded guilty to conspiracy in March, one of five men affiliated with both Jadis Capital and the Local Christian Assembly Church. Many of Jadis’ victims were members of the church.

Five years was the maximum prison term Ovid, the first in the scam to be sentenced, could have received on the conspiracy charge. He faces possible deportation to his native Trinidad at the completion of his sentence.

Jadis’ two hedge funds were launched in 2005, with Ovid as trader. Within two weeks, he had lost $2 million and would go on to lose more. But most of the money was spent by the men on themselves, including to pay for a $200,000 Bentley used by Ovid.

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