Wednesday, March 20, 2013

Judge orders bogus fund manager to prison for 40 months

From Reuters: Andrey Hicks, who invented an Ivy League resume and Wall Street credentials to steal $2.3 million from investors for a made-up hedge fund, will spend more than three years in prison, a judge ordered on Tuesday.

U.S. Federal Judge Patti Saris sentenced Hicks, 29, who most recently lived in Massachusetts, to serve 40 months in prison and ordered him to pay $2.3 million in restitution.

The sentencing ends one of the more brazen hedge fund frauds at a time wealthy investors are still reeling from the fallout of the Bernard Madoff and Allen Stanford investment swindles...

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