Wednesday, 17 September 2014
Last updated 2 hours ago
Aug 27 2008 | 12:23pm ET
A San Francisco-based hedge fund manager who faced five days in the clink for illegally trimming trees at a state park adjacent to his vacation home has instead been sentenced to community service.
Last week, a jury found Derek Webb guilty of vandalism, and yesterday the judge ordered Webb to perform 50 hours of community service , according to The Press Democrat. However, the newspaper incorrectly reported that he was sentenced to jail for five days, which he was not.
The tree trimming incident occurred last October. A state parks official caught Webb, chainsaw in hand, hacking away at branches on the south side of Van Damme State Park. Webb owns a vacation home right next door to the park. At the time, Webb said he was trying to help maintain a heavily used trail.
Webb, who in addition to managing money, is also a benefactor for various environmental groups.
Prosecutors said that the ruling sends a message that a "person's deeds as a public benefactor does not exempt him from the rule of law."
However, Webb's attorney, Rod Jones, was surprised by the stiff sentence for a misdemeanor. Jones reportedly asked, "Were they in the same courtroom?"
Webb runs quantitative hedge fund shop Web Capital Management. He is very involved in supporting charities and community causes.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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