Hedge Fund Fraudster Pleads Guilty

Dec 22 2011 | 2:22am ET

A Utah hedge fund manager has admitted to defrauding investors of more than $30 million.

Thomas Repke pleaded guilty to conspiracy two weeks before his trial was to begin in Atlanta federal court. Repke and his co-conspirator, James Jeffery, were charged last December; Jeffery pleaded guilty in April.

Repke’s and Jeffery’s Coadum Capital ripped off more than 100 investors, prosecutors said. The two allegedly promised 5% month return, but actually stole more than $20 million of the money raised, transferring it to accounts in Switzerland and Malta, rather than investing it in hedge funds allegedly run by a Malta-based trader. According to prosecutors, only a fraction of the almost $40 million raised by Coadum was left by the end of 2007.

Coadum also made Ponzi scheme payments, prosecutors say.

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