Sunday, 25 January 2015
Last updated 1 day ago
Jun 19 2012 | 2:03pm ET
Admitted hedge fund fraudster Krittibas Ray is going to prison for more than five years.
A federal judge in San Francisco sentenced the Albany, Calif., man to 65 months in prison, as well as ordering him to pay $2.9 million in restitution. Ray pleaded guilty to wire fraud in March.
According to prosecutors, Ray ran a Ponzi scheme that cost investors more than $2.5 million of the $3.3 million he collected from them between February 2008 and the end of last year, when he was arrested. He admitted promising clients returns of between 7% and 8.5% by investing in Indian banks, but actually invested in himself and earlier investors, while lying to clients about his returns.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…