Friday, 27 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…