No Love For Ex-Mayor Sentenced In Hedge Fund Fraud

May 15 2008 | 9:45am ET

A former Ohio mayor was sentenced to four years in prison yesterday for running a hedge fund scam that cost his victims more than $150,000.

Lee Skierkiewicz was indicted almost two years ago on 10 charges of theft and two charges of aggravated theft, and was extradited to Ohio from Chicago, where federal marshals arrested him in November 2006. Prosecutors allege that he raised between $25,000 and $100,000 from 13 people for his hedge fund, Prima Partners, stealing $157,000 from six of them to pay business or personal expenses, or for his own stock market speculation.

At his sentencing, Skierkiewicz, who served as mayor of Loveland, a suburban city of 11,000 about 20 miles northeast of Cincinnati, from 1995 to 1999, said he was willing to repay the money he was accused of stealing, a promise the judge dismissed as not believable.

Skierkiewicz, pleaded guilty to theft charges. Had he been convicted on all dozen charges, he faced as much as 25 years in prison.

A year after leaving the mayor’s office, Skierkiewicz left R.W. Baird Co. to found Prima. Among his victims, according to prosecutors, were his in-laws and a former Loveland council member.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Hedge Fund Managers Among Top Tory Donors

Nov 14 2014 | 5:34am ET

Three hedge fund managers are among 32 people paying for the privilege of dining...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.