Friday, 27 March 2015
Last updated 2 hours ago
Dec 13 2012 | 12:49pm ET
Hedge fund fraudster Andrey Hicks pleaded guilty yesterday to defrauding investors of $2.3 million.
Hicks, who was arrested last year in Canada while trying to flee to Switzerland, pleaded guilty to five counts of wire fraud in Boston federal court. He faces up to 20 years in prison when he is sentenced in March.
The 28-year-old Hicks lied to investors about his education, his work history and his Locust Offshore Management's assets under management, prosecutors alleged. According to the indictment, Hicks told clients that he developed Locust's algorithmic systems while studying at Harvard University, but failed to mention that he flunked out after three semesters and only barely passed the only math class he took. He also falsely claimed to have worked for Barclays and that Locust managed $1.2 billion, prosecutors say.
Prosecutors said Hicks simply stole most of the $2.5 million he raised from clients, much of it from Brooklyn Nets basketball player Kris Humphries.
Hicks' guilty plea—he had previously professed his innocence—comes after a federal judge in March ordered him to pay more than $7.5 million in fines and restitution.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…