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…
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