Wednesday, 27 May 2015
Last updated 3 min ago
Apr 9 2008 | 7:13am ET
A former San Diego hedge fund manager has been sentenced to 6 years in prison for defrauding investors of more than $100 million in a Ponzi scheme.
Marvin Friedman pleaded guilty to fraud charges more than two years ago. He allegedly lied to investors in his Global Money Management fund, telling them the fund had nine times as much in assets as it actually did, all the while misappropriating investor funds for personal use and to pay off other investors. According to prosecutors, he ran the scheme after being barred from the securities industry by the NASD.
“Friedman betrayed the trust of these investors and today’s sentence ensures the victims of his crime will receive some measure of justice,” Karen Hewitt, interim U.S. Attorney for the Southern District of California, said.
In addition to the jail time, Friedman was ordered to pay $49 million in restitution.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…