Friday, 22 August 2014
Last updated 2 hours 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note