Wednesday, 29 July 2015
Last updated 4 hours ago
Mar 4 2013 | 12:41pm ET
A New Jersey man pleaded guilty Friday to pretending to be a hedge fund manager to steal $3.5 million from investors.
George Sepero became the third man in the scam to plead guilty in the case. He and his co-conspirators allegedly promised triple-digit returns using a proprietary algorithmic trading system that did not exist, sending clients phony account statements and e-mailing them screenshots of their much-ballyhooed computer trading program.
Among Sepero's victims were an ailing elderly paraplegic, who lost her life savings, prosecutors said. Sepero and his co-conspirators allegedly used the stolen money to fund an extravagant lifestyle and to prop up a Ponzi scheme.
Sepero faces up to 20 years in prison for fraud, conspiracy and tax evasion when he is sentenced in June.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…