Saturday, 18 April 2015
Last updated 12 hours ago
Mar 23 2012 | 12:27pm ET
Accused hedge fund fraudster Andrey Hicks was ordered to pay more than $7.5 million, three times the amount he allegedly defrauded investors.
Hicks, who was arrested in Canada last year trying to flee to Switzerland and who was indicted for wire fraud in December, was hit with a $2.5 million fine by U.S. District Judge Richard Stearns, as part of a lawsuit filed by the Securities and Exchange Commission. Hicks' hedge fund, Locust Offshore Management, was fined the same amount, and Hicks was ordered to pay $2.5 million in restitution—plus interest.
According to prosecutors, Hicks told clients that he developed Locust's algorithmic systems while studying at Harvard University, but failed to mention that he flunked out after three semesters and only barely passed the only math class he took. He also falsely claimed to have worked for Barclays and that Locust managed $1.2 billion, prosecutors say.
Hicks' largest alleged victim is Kris Humphries, who plays for basketball's New Jersey Nets, but who is perhaps best-known for his very short-lived marriage to reality television star Kim Kardashian. He allegedly lost about $617,000.
If convicted of the criminal charges, Hicks faces up to 20 years in prison.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…