Thursday, 7 May 2015
Last updated 10 hours 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.
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…