Sunday, 29 November 2015
Last updated 1 day ago
Jul 21 2011 | 1:44pm ET
Hedge fund fraudster Helmut Kiener should spend almost 13 years in prison for defrauding his banks and investors of €345 million, German prosecutors have said.
Kiener, the founder of the K1 Group hedge fund, confessed to running a Ponzi scheme in April, after a year-and-a-half of denials and threats. He is to be sentenced in Würzburg tomorrow.
Prosecutors have asked the court to impose a 12-year-and-nine-month sentence, close to the maximum of 15 years. Kiener's lawyers told Reuters that they are seeking a verdict with a "significantly" shorter sentence.
Kiener is accused of forgery, aggravated fraud and tax evasion. According to prosecutors, he ripped off some 5,000 K1 investors as well as its banks, Barclays and BNP Paribas.
Kiener's co-defendant, K1's accountant, is also seeking leniency: He's asking for two years and 10 months, while prosecutors are seeking four-and-a-half years in prison.
Kiener and his accountant are two of eight people arrested in the case.
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…