Friday, 26 December 2014
Last updated 2 days 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
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.