Saturday, 5 September 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…