Sunday, 2 August 2015
Last updated 2 days ago
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.
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…