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.

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