Sunday, 29 November 2015
Last updated 1 day ago
Oct 4 2010 | 2:30am ET
A former hedge fund executive has been sentenced to one year and one day in prison for his role in the Thomas Petters Ponzi scheme.
Harold Katz pleaded guilty last year to conspiracy to commit wire fraud. The vice president of finance at hedge fund Lancelot Investment Management was accused of crafting the bogus documents used by Petters and Lancelot founder Gregory Bell to fool investors into believing that Petters was making good on his loan payments. He also allegedly designed the "round-trip" wire transfer payments to create the impression that Petters was, in fact, paying.
Bell was sentenced to six years in prison last week. Petters, who was convicted of running a $3.65 billion fraud, was sentenced to 50 years in prison following his conviction last year.
Katz had faced up to five years in prison.
"I made a colossal error in judgment," Katz said at his sentencing Friday. "I hope I can use this horrific experience to help others not make the same mistakes as I have."
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…