Massachusetts Ponzi Scheme Manager Sentenced to 7 years
| October 17th, 2009 | ||
| Michael C. Regan, who was convicted of stealing $8.9 million from investors in a Ponzi scheme, was sentenced to 7 years by a federal court on Wednesday. Bloomberg reported that Mr. Regan, who operated his scheme through his Massachusetts-based River Stream hedge fund, defrauded approximately 50 investors from 2000 to 2008. Mr. Regan agreed to pay $8.9 million in restitution but filed for bankruptcy protection after turning himself in. The government stated that it is unlikely that victims will ever be fully compensated. | ||
See Source | ||
For Detailed Investor Profiles on these Investors, click below: |
River Stream Fund |
Related People: Michael C. Regan
Related Article Tags: Investment Management, Fund Manager and General Financial News
Add a Comment |
More Recent Headlines
RoundKeep Capital Advisors Founded by Ex-Citadel MD Ervin Shindell |
Did Co-Founder Help FBI bust Galleon Management’s Rajaratnam? |
Philippe Jabre’s Fund an Unusual Success Story |
George Soros, like T. Boone Pickens, Recognizes importance of Clean Energy Future |
Billionaire Galleon Founder Charged with Insider Trading |
One in Five Hedge Funds Misrepresent Funds and Performance to Investors |
CalPERS investigating $50 million ‘Pay to Play’ Placement Scheme |
Ex-Morgan Stanley Executive Zoe Cruz to Found Voras Capital Management |
John Paulson’s hedge fund makes big bet on Conseco |
CRD Analytics Forms Partnership With SeaCrest Investment Management |
