Saturday, 23 July 2016
Last updated 17 hours ago
Apr 25 2011 | 11:47am ET
A jailed former hedge fund manager faces decades more in prison after prosecutors accused him of defrauding his cycling coach and violating a trading ban after his alleged Ponzi scheme collapsed.
Mark Trimble, who was sentenced to 10 years in prison in November after pleading guilty to stealing client assets in April, now faces new charges of wire and mail fraud and money laundering. According to prosecutors, he offered to invest his coach's money in spite of a Commodity Futures Trading Commission ban imposed in March 2009. The coach allegedly sent Trimble $111,000 between September 2009 and January of this year, when Trimble finally went to jail.
The coach lost some $40,000 of the money he invested with Trimble, who had it sent to bank accounts in the names of his wife and son. And as with his previous scam, prosecutors say Trimble used much of the money on himself.
Trimble seemed unable to stay out of trouble after he agreed to have a receiver appointed to oversee his Phidippides Capital Management in February 2009. He was slapped with two contempt of court findings by the CFTC, the second for hiding and spending money in an account in his wife's name.
If convicted of the new charges, Trimble faces an additional 30 years in prison.