$100 Million Hedge Fund Fraud = 6 Years
Filed in archive Hedgetalk by Alex Akesson on April 09, 2008

Friedman, who ran the San Diego based Global Money Management LP, was also ordered to pay $49 million in restitution. Friedman was originally charged with securities fraud after he lied to investors about the fund's assets and used incoming money for his own personal uses or to pay off investors in what amounted to a ponzi scheme.
When Global Money Management had about $11 million in assets, Friedman bragged to investors that the fund had amassed over $100 million in capital. He also neglected to tell investors that he had been barred from doing business with any member of the NASD
by the SEC. At the hearing, U.S. Attorney Karen Hewitt said "Friedman betrayed the trust of these investors and today's sentence ensures the victims of his crime will receive some measure of justice."
From Former hedge fund manager gets 6 year sentence
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