Hedge Fund Fraudster Martinovich Guilty

May 7 2013 | 11:13am ET

MICG Investment Management CEO Jeffrey Martinovich has been convicted of defrauding his hedge fund's clients.

A Newport News, Va., federal jury found Martinovich guilty of 17 counts of conspiracy, mail fraud, wire fraud and unlawful monetary transactions, while clearing him on three others. He faces centuries in prison at his sentencing in August.

According to prosecutors, Martinovich ran a Ponzi scheme at MICG. He also allegedly routinely misled investors, overvaluing MICG's investments to overcharge them, and lied to them about the financial health of one of its key investments.

Martinovich will remain free on bail until his sentencing.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...