Hedge Fund Manager Arrested For Alleged $2 Million Ponzi Scheme

Feb 12 2013 | 1:45pm ET

Hedge fund manager Jason Konior has been arrested and charged with running a Ponzi scheme that cost victims $2 million.

The New York man was charged last week with ripping off three investors to pay his own expenses and to cover redemption requests from earlier investors. Konior is set to appear in court on the securities and wire fraud charges tomorrow.

The criminal allegations against Konior come eight months after the Absolute Fund Advisors and Absolute Fund Management founder was hit with a Securities and Exchange Commission lawsuit paralleling the criminal claims. Both complaints allege that Konior repeatedly lied to investors.

If convicted, Konior faces 20 years in prison on each fraud count.


In Depth

FINalternatives Survey: We Asked Investment Pros...

Apr 2 2016 | 9:42pm ET

The data from our annual reader survey continues to roll in and provide interesting...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...