Hedge Fund Fraudster Gets Six Years

Sep 25 2013 | 12:13pm ET

A phony hedge fund manager has been sentenced to six years in prison for ripping victims off to the tune of $1.4 million.

Scott Atkins defrauded more than 50 clients, telling them that he was a hedge fund manager and lawyer. He pleaded guilty in April to fraud and tax-evasion charges.

"Atkins is a scam artist," Carolyn Weber of the Federal Bureau of Investigation said. "He took money from people with no intention of producing what he promised. He used the money for his own personal gain."

Atkins was also ordered to pay $1.7 million in restitution and $271,000 to the Internal Revenue Service, as well as to serve three years probation after his release.

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