Aussie Fraudster Faces Jailtime After Fraud Conviction

Jul 27 2011 | 9:11am ET

An Australian hedge fund manager has been convicted of fraud and will do hard time.

Shawn Richard was found guilty of two counts of dishonest conduct for his role in the Trio Capital fraud, which cost investors A$180 million. Richard is the former director of Astarra Asset Management and received A$1.3 million in investor cash, a New South Wales court heard.

Richard spent the windfall on himself.

After the verdict, Justice Peter Garling revoked Richard's bail and sent him straight to prison. The fraudster faces up to 10 years in jail when he is sentenced on Aug. 12, and Garling promised that the sentence would include jailtime.

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