The Herald of Everett, Washington
HeraldNet on Facebook HeraldNet on Twitter HeraldNet RSS feeds HeraldNet Pinterest HeraldNet Google Plus HeraldNet Youtube
HeraldNet Newsletters  Newsletters: Sign up | Manage  Green editions icon Green editions


HeraldNet Headlines
HeraldNet Newsletter Delivered to your inbox each week.
Published: Tuesday, April 16, 2013, 9:57 p.m.

Hedge-fund manager pleads guilty to Ponzi scheme

PORTLAND, Ore. -- A Portland hedge-fund manager has pleaded guilty to 17 counts of mail and wire fraud in connection with a Ponzi scheme he orchestrated in Oregon, Washington and other states.
Assistant U.S. Attorney Allan Garten said after Tuesday's plea hearing that 44-year-old Yusaf Jawed will be sentenced June 21 and is expected to get a prison sentence of 6˝ years.
The Securities and Exchange Commission has filed a civil lawsuit against Jawed, alleging he falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.
Story tags » Fraud

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus
digital subscription promo

Subscribe now

Unlimited digital access starting at 99 cents, or included with any print subscription.