Asia-Pacific

US fund manager sentenced in fraud scheme

(Agencies)
Updated: 2010-01-12 11:45
Large Medium Small

LOS ANGELES: The founder and manager of two Beverly Hills hedge funds has been sentenced to more than 10 years in federal prison for cheating investors out of more than $25 million.

Related readings:
US fund manager sentenced in fraud scheme US to unveil anti-fraud task force Tuesday - source
US fund manager sentenced in fraud scheme GE unit faces fraud charges
US fund manager sentenced in fraud scheme Countrywide's ex-CEO must face fraud case
US fund manager sentenced in fraud scheme French university boss suspended in fraud case

Bradley Ruderman was sentenced Monday in a Los Angeles federal courtroom and was ordered to pay $27.5 million in restitution. He pleaded guilty in August to two counts of wire fraud, two counts of investment-adviser fraud and a misdemeanor count of failing to file income taxes in 2007.

Prosecutors say Ruderman, 46, admitted bilking investors, many of them family members, out of millions of dollars by promising annual returns as high as 60 percent and sending fake account statements between 2003 and 2009.

An FBI found Ruderman spent at least $8.7 million of investor money on personal expenses.
Specials
Columnists
China Daily E-paper