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.

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