Sunday, 26 October 2014
Last updated 1 day 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.