August 07, 2006

Former Mayor Convicted in Hedge Fund Fraud

In a recent post, titled " Hedge Fund Consultant Charged with Data Theft", I had mentioned about a hedge fund fraud case. Another such case has cropped up in which the former Loveland Mayor Lee Skierkiewicz has been indicted by a Hamilton County grand jury. It was alleged that he stole $157,400 from 13 clients in a hedge fund called Prima Partners. Skierkiewicz could face 25 years in jail if convicted on 10 counts of theft and two counts of agravated theft. It is really shocking that despite the arrests and indictments, people are not taking cue from it and often indulge in such frauds.

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