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.”