Thursday, 30 October 2014
Last updated 38 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.