``To reiterate: Keith Gilabert pled guilty to operating a fraudulent hedge fund and lying to investors in an effort to convince them to invest with his fund. He admitted that from September 2000 through January 2005, his firm purported to offer investments in GLT and collected more than $7 million from more than 40 investor-clients. Even though he claimed average annual returns of 27 percent, since at least 2002''

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