Wednesday, 22 February 2017
Last updated 2 hours ago
Jun 3 2008 | 11:02am ET
A convicted Massachusetts hedge fund fraudster isn’t going anywhere.
A federal judge in Worcester, Mass., has denied Amit Mathur’s bail application. Mathur was convicted last month of swindling investors in his Entrust Capital Management of some $13 million; he faces up to 14 years in prison at his sentencing on Sept. 5.
U.S. District Judge F. Dennis Saylor said that Mathur, an Indian native, is a flight risk. The judge said he was particularly swayed by the fact that one of Mathur’s victims was his uncle.
“It gives me great pause and weighs heavily in my decision,” Saylor said. Mathur’s parents had offered to put up their home and retirement savings, and family friends had offered to make up the difference, to pay Mathur’s bail.
Mathur’s attorney, Paul Andrews, noted that his client hadn’t fled while out on bail during the trial, and that the next three months might be the last Mathur could spend with his elderly parents. He said Mathur would accept confinement to his parents’ home and an electronic monitoring bracelet. Andrews added that Mathur had no passport and no money with which to flee.
Prosecutors countered that Mathur may still have access to about $1.8 million in missing money, and that he has regularly returned to India over the past 15 years. Mathur’s partner at Entrust, Rajeev Johar, is believed to have fled to India earlier this year.