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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of