American Hedge Fund Fraudster Gets Longer Sentence In Hong Kong

Jun 19 2008 | 2:00am ET

The American behind a US$46.5 million hedge fund fraud will be spending some more time in a Chinese jail.

Charles Schmitt’s sentence was extended by 26 months, the South China Morning Post reports, after the Hong Kong Court of Appeal ruled his original four-and-a-half year sentence was “manifestly inadequate.”

The 63-year-old pleaded guilty to 19 counts of false accounting in 2006. His CSA Absolute Return fund collapsed in 2004, with Schmitt admitting that he illegally diverted US$195 million of investor funds into dummy companies he controlled.

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