Wednesday, 7 October 2015
Last updated 10 hours ago
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.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…