K1 Fraud Trial Scheduled For March

Jan 27 2011 | 12:18pm ET

K1 Group founder Helmut Kiener will face trial in March for allegedly defrauding investors, banks and brokers of €345 million.

Kiener, who has been held in custody since his arrest in October 2009, was charged with forgery, aggravated fraud and tax evasion in November. German prosecutors say he ripped off some 5,000 investors, in addition to his banks, Barclays and BNP Paribas.

Kiener has denied the allegations. His trial is scheduled to begin on March 2 in Würzburg.

A total of eight people have been arrested in for participating in the alleged Ponzi scheme, including three managing directors of K1's administrator and two Kiener associates in the U.S. Another, Dieter Frerichs, a former managing director of two K1 funds, committed suicide in July.

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    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…