Saturday, 28 November 2015
Last updated 18 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…