Escaped British Hedge Fund Fraudster Fighting U.S. Extradition

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."


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