A California man who was convicted of running a multi-million dollar hedge fund scheme has been sentenced to 12 years in prison.
Bloomberg reported that evidence showed that Albert Hu, who was found guilty of seven counts of fraud in June, carried out the investment scheme from 2002 to 2008 that earned him $6.5 million.
The article said that Hu misappropriated client money for personal use after luring investors with promises of returns as high as 30% to several of his hedge funds that he founded and operated out of California and Singapore.
Hu also faces a civil lawsuit by the Securities and Exchange Commission. The case is pending in a San Francisco federal court.