Thursday, 31 July 2014
Last updated 1 hour ago
Jan 14 2013 | 2:04am ET
Hedge fund fraudster Albert Hu should spend almost 20 years in prison for ripping off investors of $6.5 million, prosecutors told the federal judge who will sentence him.
Hu was convicted in July of wire fraud and faces up to 24 years in prison. By that measure, prosecutors are being lenient: They recommended U.S. District Judge Ronald Whyte send Hu away for 19½ years—the low end of federal sentencing guidelines.
“Albert Hu’s conduct demonstrates a pattern of brazen and deliberate deception,” prosecutors wrote. He “stole over $6.5 million from numerous victims, then squandered the money in part on personal items and other non-investment expenditures.”
Hu’s lawyers have asked for a prison sentence of five years, noting, “a person committing manslaughter would receive a significantly lower sentence than the one sought against Mr. Hu.”
Hu will be sentenced today.
Hu allegedly promised investors returns of between 20% and 30%. He fled the U.S. in 2008 after moving the stolen assets from Singapore to Hong Kong and Taiwan. He was extradited from Hong Kong in 2009.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…