Tuesday, June 19, 2012

Fund Fraudster Gets More Than Five Years in the Big House

D'Oh!  Admitted hedge fund fraudster Krittibas Ray is going to prison for more than five years finaltenatives reports.

A federal judge in San Francisco sentenced the Albany, Calif., man to 65 months in prison, as well as ordering him to pay $2.9 million in restitution. Ray pleaded guilty to wire fraud in March.
According to prosecutors, Ray ran a Ponzi scheme that cost investors more than $2.5 million of the $3.3 million he collected from them between February 2008 and the end of last year, when he was arrested. He admitted promising clients returns of between 7% and 8.5% by investing in Indian banks, but actually invested in himself and earlier investors, while lying to clients about his returns…

More? Check out http://www.finalternatives.com/node/20817

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