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.