The manager of a formerly $550 million hedge fund firm has been found to be in civil contempt of court for violating temporary injuction orders and threatened with jail time by a Connecticut state judge who disapproved of payments made to the hedge fund manager’s wife and country club dues, according to Forbes.
Scott Stagg, who runs Stagg Capital out of Greenwich, Ct., has been ordered to perform 150 hours of community service by May 1, and told to produce a complete description of all his efforts to comply with the temporary injunction orders by next week. Judge John Blawie found in a 31-page ruling issued late last year that a temporary injunction “was never even given lip service, much less obeyed by [Stagg],” adding that if Stagg doesn’t comply he could be incarcerated until he has satisfied the requirements…
Read more at http://www.forbes.com/sites/nathanvardi/2012/01/13/manager-of-formerly-550-million-hedge-fund-firm-threatened-with-jail-after-being-held-in-contempt/
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