Saturday, 20 December 2014
Last updated 1 day ago
Jan 26 2011 | 2:42am ET
Hedge fund fraudster Carlos Garcia was sentenced to more than five years in prison yesterday for ripping investors off to the tune of $2 million.
Garcia pleaded guilty in November to lying to investors in his Connecticut-based Paramount Equity Partners. Prosecutors said Garcia sent phony account statements to investors, including fake tax documents, causing victims to pay tax on returns that were themselves fake. Garcia allegedly spent the money Paramount raised on Ponzi scheme payments or on himself.
He also pleaded guilty to tax evasion, admitting that he didn't pay any between 2005 and 2008.
Garcia, of Guildford, Conn., was also ordered to pay $2.06 million in restitution and to resolve his $38,000 tax debt with the Internal Revenue Service.
"This sentence should serve as a warning to any individual who intends to operate an investment fraud scheme," U.S. Attorney David Fein said.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.