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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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NY HF Manager Pleads Guilty to Ponzi Scheme

Jul 11, 2013
Jing Chen

A former New York hedge fund manager has pled guilty to running a multi-million dollar Ponzi scheme.

The office of U.S. Attorney Preet Bharara announced Wednesday that Jason Konior of Absolute Fund Advisors and Absolute Fund Management was charged with misappropriating $2.9 million from investors between 2011 and 2012. He faces up to 20 years in prison.

Konior allegedly used the funds he received from clients to pay off prior investors and to pay his own expenses. He also lied to investors, promising to match their investments up to nine times over.

Konior is scheduled to be sentenced on November 8.

Source: 

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