Thursday, 18 December 2014
Last updated 5 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.