Hedge Fund Manager Stein Gets Nine Years For Ponzi Scheme

``A former New York hedge fund manager was sentenced to nine years in prison for defrauding investors of $46 million in a Ponzi scheme. Edward Stein, who pleaded guilty in June to five counts of securities and wire fraud, had faced almost 20 years in prison. But U.S. District Judge Jack Weinstein in Brooklyn, N.Y., handed down a lighter sentence, saying Stein’s crimes fell outside the “heartland” of fraud cases and that he didn’t believe the 60-year-old would do it again.''