66-Year-Old Hedge Fraudster To Prison Next Week

Jul 5 2012 | 10:39am ET

Hedge fund fraudster John Clement was given an extra week of freedom before he begins serving a two-year sentence for ripping off his clients.

The 66-year-old California man was to report to prison on Monday. Instead, he has until July 9 to don stripes.

Clement pleaded guilty in September to defrauding 22 investors in his Edgefund Capital to tune of $4.9 million. According to prosecutors, Clement told investors that Edgefund offered returns of 1.5% to 2% every month with little or no risk. He then sent his victims phony account statements to back up his claims.

In addition to Ponzi scheme payments, Clement spent about $300,000 of the money he raised on personal expenses.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...