Thursday, 21 August 2014
Last updated 13 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note