Fraudster of the Day: Accused Hedge Funder Appears in VA Court

MICG Investment Management and founder Jeffrey Martinovich, of Norfolk, Virginia, appeared in court Friday on fraud charges related to the management of his Newport News-based hedge fund…….. Martinovich was indicted Wednesday on 26 charges including mail fraud, wire fraud, unlawful monetary transactions and bankruptcy fraud, according to a news release from the U.S. Attorney's Office in the Eastern District of Virginia. He faces a maximum penalty of 20 years in prison for each count if convicted…….. Martinovich is accused of having over-valued a non-public security owned by his MICG Venture Strategies hedge fund, then using the higher valuation to overcharge investors hundreds of thousands of dollars in management fees………………………………………………………………………………………………………………… Read more at http://www.finalternatives.com/node/21862