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

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

When Less is More: The Case for Concentrated Equity Strategies

Jun 1 2015 | 7:59am ET

The conventional wisdom is that wide diversification is the “holy grail,” as...

 

Sponsored Content

Editor's Note