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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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Former Hedge Fund Manager Gets 15 Years for Fraud

Jan 15, 2014
Jing Chen

Former hedge fund manager Aleksander Efrosman has been sentenced to more than 15 years in prison.

Bloomberg reported that Efrosman, who fled from the U.S. after being accused of stealing $5 million from investors, received a 188-month sentence and ordered to pay a $4 million restitution.

Arrested in Poland in May 2011, Efrosman admitted to running a $5 million scheme through hedge funds Century Maxim Fund and AJR Capital in 2004 and 2005 as part of his plea deal. He used $3 million to gamble at the Foxwoods Resort Casino, despite telling investors that he would put their money in the stock market and foreign-currency exchange market.

U.S. Attorney Loretta Lynch said in a statement that “Efrosman has finally been held to account for his betrayal of his clients’ trust. The former hedge fund manager had been “globe-trotting to escape justice.”

 

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