Thursday, 18 December 2014
Last updated 8 hours ago
Sep 28 2012 | 12:20pm ET
Anthony Klatch, the Florida hedge fund manager who admitted to defrauding investors of $2.3 million, was sentenced to five years in prison.
Klatch pleaded guilty in October to fraud, conspiracy and money laundering. A federal judge in Alabama sentenced him last month to five year terms on each count, but the sentences will run concurrently.
According to prosecutors, the 27-year-old Pennsylvania native and his late partner, Timothy Sullivan, invested only about 60% of the money they raised from seven investors for their TASK Capital Partners. The rest went elsewhere, including almost $200,000 that went into Klatch's personal bank accounts.
At least that money, or some of it, can be recovered: Klatch and Sullivan lost the money they actually invested in just eight months.
In addition to the prison term, Klatch was sentenced to three years of supervised release and ordered to pay $2.3 million in restitution.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.