Thursday, 26 November 2015
Last updated 9 hours ago
Apr 5 2011 | 10:09am ET
A Massachusetts man has pleaded guilty to stealing some $3 million from investors in his hedge fund.
Rather than investing the money raised by his Financial Counselors as he promised, Sean Mansfield allegedly stole much of it to pay for personal expenses—including a $500,000 home in Wilbraham, Mass. The money he did invest, for example, $2 million poured into a Puerto Rican real-estate project, he lost, in that case after the developer defaulted on the loan.
According to prosecutors, Mansfield forged wire transfer papers to custodian Charles Schwab & Co., allowing him to move client capital into his own bank accounts or those controlled by others.
At least week's hearing, Mansfield pleaded guilty to 17 counts of wire fraud, two counts of embezzlement from a pension fund and four counts of money laundering. He faces as much as 20 years in prison when he is sentenced on Sept. 20.
Until then, Mansfield is free on personal recognizance, provided that he surrenders his passport, continues his medical treatments and stays out of casinos.
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…