Wednesday, 23 July 2014
Last updated 12 hours ago
Mar 20 2013 | 12:11am ET
Andrey Hicks, who used an exaggerated résumé to lure investors into his fraudulent hedge fund, will spend nearly three-and-a-half years in prison for it.
A federal judge in Boston sentenced Hicks to 40 months in prison for stealing $2.3 million from his victims. Hicks, 29, was also ordered to pay that amount in restitution.
Hicks in December pleaded guilty to lying to investors about his education, his work history and his Locust Offshore Management's assets under management. According to prosecutors, Hicks told clients that he developed Locust's algorithmic systems while studying at Harvard University, but failed to mention that he flunked out after three semesters and barely passed the only math class he took. He also falsely claimed to have worked for Barclays and that Locust managed $1.2 billion, prosecutors say.
Prosecutors said Hicks simply stole most of the $2.5 million he raised from clients, much of it from Brooklyn Nets basketball player Kris Humphries
Hicks was arrested in 2011 in Canada while trying to flee to Switzerland.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…