Monday, 26 January 2015
Last updated 35 min ago
Jan 15 2013 | 1:27pm ET
Prosecutors asked a federal judge in California to send Albert Hu to prison for 19½ year, while the convicted hedge fund fraudster’s lawyers sought five years. U.S. District Judge Ronald Whyte split the difference.
Hu was sentenced to 12 years in prison yesterday for ripping off investors of $6.5 million. He was convicted in July of wire fraud; Hu allegedly promised returns of between 20% and 30%, fleeing the U.S. in 2008 after moving the stolen assets around Asia. He was extradited from Hong Kong in 2009.
“What is fairly clear is Mr. Hu was involved in a fraudulent scheme that took a lot of money from a group of people,” Whyte said. He “had more things going for him than most people, and yet he turns to criminal activity when he had proved that he could teach at a college level or run a company.”
“We all make mistakes,” Hu said.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…