Fla. Hedge Fund Fraudster Gets Five Years

Sep 16 2013 | 11:09am ET

A member of Penn State's 1986 national champion football team has been sentenced to more than five years in prison for running a Ponzi scheme.

Paul Pomfret was hit with a 63 month sentence for stealing $500,000 from a South Carolina businessman. He pleaded guilty in May to wire fraud, admitting that he used most of the money to pay off earlier investors in his fund of hedge funds, PDP Capital Investments.

Pomfret was also ordered to pay $1.6 million to his victims.

Pomfret played tight end at Penn State.

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