Fraudster Hu Gets 12-Year Sentence

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...