Thursday, 29 January 2015
Last updated 13 min ago
Aug 9 2013 | 10:29am ET
A British hedge fund manager who escaped from prison just six months into a four-and-a-half year sentence could be sent to the U.S. to face justice.
Marc Duchesne pleaded guilty in 2009 to defrauding investors in his Benchmark Asset Management out of £15 million. Promising high returns and the safety of their investments, Duchesne was actually spending their money on a lavish lifestyle, featuring a fleet of luxury cars and tens of thousands of dollars on cigars and cosmetic dentistry.
Duchesne was sent to prison, but escaped from the open facility after just six months. He was arrested last year in Switzerland and returned to the U.K., where he now faces extradition to the U.S.
Duchesne's extradition hearing is scheduled for Sept. 5. His lawyer argued that Duchesne should not be sent to the U.S. as non-extradition to a third country was part of the agreement with the Swiss that sent him to London, and that "it would be disproportionate to subject him to another prosecution."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…