Reuters reports that a man who stole money from clients after convincing them he was a Harvard-trained hedge fund manager was ordered to pay back more than $7.5 million, the U.S. Securities and Exchange Commission said on Thursday.
U.S. federal judge Richard Stearns ordered Andrey Hicks to return $2.5 million with interest to clients and to pay a civil fine of $2.5 million. Locust Offshore Management, Hicks' firm, was also ordered to pay a $2.5 million penalty, according to court records and the SEC.
Neither Hicks, who most recently lived in Massachusetts, nor his lawyer could immediately be reached for comment. Hicks was arrested in Canada last year while trying to flee to Switzerland….
Read more at http://www.reuters.com/article/2012/03/22/us-hedgefunds-hicks-idUSBRE82L19P20120322
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