Thursday, 30 June 2016
Last updated 3 hours ago
Jun 21 2012 | 11:01am ET
Two years after his return to the U.S. to face hedge fund fraud charges, Albert Hu stands convicted of them.
A federal jury in San Jose, Calif., yesterday found Hu guilty of seven counts of wire fraud. Hu was accused of ripping off investors in his two California hedge funds of $5 million, promising double-digit returns but actually stealing millions.
In 2008, Hu fled the U.S.—after moving the stolen assets from Singapore to Hong Kong and Taiwan. He was extradited from Hong Kong in 2009, after dropping his fight against the move.
Hu, who has been in prison since his return to the U.S., faces decades in prison when he is sentenced later this year.