Monday, 30 November 2015
Last updated 5 min ago
Jul 11 2007 | 11:51am ET
Convicted hedge fund fraudster and former fugitive Michael Berger will “most probably” be indicted in Austria, but the U.S. government may be disputing his Austrian nationality.
A spokesman for the Vienna prosecutor’s office told Bloomberg News that Berger was being moved to Vienna from a jail in Wels, the Austrian city southwest of Linz were he has been held since his arrest this week. But he added that a time frame for the trial—possible because Austrian lenders were among the victims of his $400 million fraud—was “extremely insecure.”
Berger pleaded guilty to overstating both the performance and asset level of his New York-based Manhattan Investment Fund. More than two-thirds of the $575 million he raised disappeared during the dot-com boom, which Berger bet against from 1996 to 1999. He had faced up to 10 years in prison and a $1.25 million fine in the U.S., but fled the jurisdiction in 2002.
Austria does not usually extradite its citizens, and Austrian police have identified Berger as an Austrian national. But according to the Federal Bureau of Investigation, he was born in London, England.
LINK: FBI's Berger Page
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…