Wednesday, 31 August 2016
Last updated 2 hours ago
Jul 13 2011 | 10:52am ET
For the second time in little over a year, hedge fund fraudster Mark Trimble has pleaded guilty to fraud charges.
Trimble admitted yesterday that he defrauded his cycling coach of $111,000 after his Phidippides Capital Management Ponzi scheme collapsed in 2009. That year, the Commodity Futures Trading Commission barred him from trading, a ban he violated when he invested his coach's money between 2009 and earlier this year.
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 has agreed to refund his coach the money as part of his plea to the money laundering charge.
Trimble pleaded guilty to his first $34 million scam in April of last year, and was sentenced to 10 years in prison in November. He faces another 10 years when he is sentenced for his more recent crime.