Hedge Fund Manager Admits To Fraud

Jul 11 2013 | 11:46am ET

A New York hedge fund manager has pleaded guilty to running a $2.9 million Ponzi scheme.

Jason Konior faces up to 20 years in prison on the wire fraud count. He is to be sentenced Nov. 8 in Manhattan federal court.

Konior was charged with ripping off investors to pay his own expenses and to cover redemption requests from earlier investors. He also allegedly lied to clients of his Absolute Fund Advisors and Absolute Fund Management, promising to match their investments nine times over.

Konior, who was arrested in February, still faces a Securities and Exchange Commission lawsuit, filed last year.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

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

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of