2008-04-09finalternatives.com

A former San Diego hedge fund manager has been sentenced to 6 years in prison for defrauding investors of more than $100 million in a Ponzi scheme.

Marvin Friedman pleaded guilty to fraud charges more than two years ago. He allegedly lied to investors in his Global Money Management fund, telling them the fund had nine times as much in assets as it actually did, all the while misappropriating investor funds for personal use and to pay off other investors.


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